Gradual Recovery Likely as Economy Reopens: IMF

The IMF in its “Policy Actions Taken by Countries” report, reviewed various steps Pakistan has taken since March to deal with the Covid-19 crisis.

Pakistan’s economic activity worsened notably, and growth was estimated at –0.4% in FY20. A gradual recovery is expected in fiscal year 2021 as the economy reopens

The IMF said that Under the State Bank of Pakistan’s (SBP’s) temporary regulatory measures, banks have deferred a total of Rs.  644 billion of clients’ payment of principal on loan obligations for one year so far to maintain banking system soundness and sustain economic activity.