International Monetary Fund has acknowledged that Pakistan's reform program is on track and already producing results.

According to a Press Release of Finance Ministry, IMF in its latest report conceded that the business climate has improved, and market confidence is returning.

The report confirmed that inflation has been started to stabilize and the State Bank of Pakistan's stance is appropriate.

It said that the Pakistan economy has witnessed significant improvements, including stability in exchange rates for five months and appreciation in rupee's value.

The government managed to reduce circular debt from 38 to 10 billion rupees in July this year.

The report added that the government too provided an additional budgetary allocation of 20 to 30 billion rupees to cover the 10 percent down payment by beneficiaries of affordable housing.

(Iqbal/Imran)