Mirza Ikhtiar Baig (Economist): It is a very important statement of acting Governor of SBP regarding improvement in economy. We had to meet a shortfall of 4 billion dollars as per suggestions of IMF. It is good news that Saudi Arabia has come forward to provide us oil on deferred payments. Another friendly country has also agreed to a new deferred payment gas supply to Pakistan. The UAE has indicated to provide financing in some government owned enterprises. This amount equals to four billion dollars which will help bridge the financing gap. This was the last condition that IMF wanted from us. It will help pave the way for next IMF tranche to Pakistan. IMF has acknowledged in its statement that Pakistan has met all the requirements for the next loan. We are now out of the risk of default. Rupee has also reacted to it and there is a significant gain in its value against dollar. Stock Exchange also witnessed improvement in recent weeks. Other economic indicators are also improving. Pakistan is following a strict financial discipline to road to recovery.
Dr. Noor Fatima (Economist): Currently, Pakistan is going through worst form of financial crisis. There was a dire need of economic stability in the country which could only be ensured through enhanced foreign exchange reserves. Pakistan needs foreign investment as well as foreign exchange at this critical stage. We are expecting billions of dollars of funds from various friendly countries. These funds can help us in developing industries in different sectors to sustain the economy of the country. The dollars earned through exports will improve the value of rupee, eventually reducing the prices of basic commodities. The people who exploited the increase of the dollar through speculations will be badly affected.