SBP annual report highlights ‘two phase’ year
Period of instability followed by 'considerable' improvement
The State Bank of Pakistan (SBP) said the past year was characterised by "two distinct phases", in its annual report on the economy.
The first phase was one of instability, in which the economy suffered "severe pressures" on the external account coupled with "significant" upside risks to inflation and a government reliant on central bank financing. The SBP said "not surprisingly" the government agreed to an IMF programme in September 2013.
This marked the turning point. "During the second phase
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