This is apropos SBP’s Third Quarterly Report on The State of Pakistan’s Economy. According to SBP, for example, “In addition to containment of the virus through smart lockdowns, targeted fiscal support while containing the deficit, a highly accommodative monetary policy stance, aggressive refinance facilities provided by the SBP to counter the health, employment and cash flow implications of the pandemic, as well as incentives and relief offered by the government and the SBP to households and businesses collectively lifted the economy out of last year’s Covid-induced recession.”

That the SBP has done a highly praiseworthy job is a fact. The steps taken by it have certainly helped the country come out of Covid-induced recession. In its outlook, the SBP has said, among other things, that “further impetus to economic growth is likely to come from expected investment in TERE and policy-driven boost in construction activities”. The foregoing suggests that the country’s economy has clearly come out of the woods. The government is, therefore, required to protect and preserve all the gains that the SBP has made for the country by displaying a proactive approach to economic challenges.

Naqi Zafar (Karachi)

Copyright Business Recorder, 2021