GDP growth to be less than 2pc this fiscal: SBP chief

News Desk
Tuesday, Jan 24, 2023

ISLAMABAD: State Bank of Pakistan Governor Jameel Ahmad said on Monday that GDP growth in the current fiscal year (2022-23) will remain below 2 per cent.

Talking to Geo News in its show Aaj Shahzeb Khanzada Kay Sath , the central bank chief said that market is expected to get normal after completion of IMF programme. He said that disparity between open market andinter-bank rates of the dollar would end only after the conclusion of the IMF programme or there is such a surge in inflows that can address the debt servicing concerns.

Ahmad said that current account deficit will dip from expected $10 billion to less than $9 billion with decrease in imports, adding that the commercial banks have been directed to clear the backlog of imports at the ports.

He said that there was no room for lowering the expenditure, adding that we ll have to boost our revenues. The SBP governor said that our tomorrow would be better if we take difficult decisions today.