SBP achieves IMF set targets

KARACHI: The State Bank of Pakistan (SBP) has achieved the targets set by International Monetary Fund (IMF) in connection with its assistance to the government besides those relating to the local and foreign assets of the banks.According to a statement issued by SBP, the IMF had asked the government in the previous financial year to bring the debts down to Rs1181 billion. The government has not only achieved this target but it even succeeded in bringing the debts down to Rs1126 billion. The IMF also set a target of cutting down the banks’ local assets to RS1314 billion which the SBP has managed to bring down to Rs1181 billion. The foreign assets of the banks were to be raised to Rs2.78 billion dollars which has been enhanced to 4.50 billion dollars.