Pak Crisis Plan to Shore Up Forex Reserves & Manage CAD

Pakistan’s current account deficit is being sliced, and foreign exchange reserves are being shored up by seeking assistance from three principal sources – Saudi Arabia, the United Arab Emirates (UAE) and China. Besides devaluation of currency has provided some respite. While the State Bank of Pakistan Governor Tariq Bajwa was reluctant to admit to depreciation, intense grilling by the Senate Standing Committee on Finance & Revenue finally led him to acknowledge that devaluation was part of the strategy to make up the $ 19 Billion current account deficit of which approximately  $ 12 billion in debt servicing.................... [600 Words, 3 Minute Read].

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