No fresh borrowings from SBP: MoF

ISLAMABAD – The Ministry of Finance (MoF) has said that there have been no fresh borrowings by the government from the State Bank of Pakistan (SBP). “Government remains committed to complying with its obligations under the amended SBP Act and IMF programme conditions. There has been no fresh borrowings by the government from the SBP. In fact the government has been retiring its previous stock of debt with the SBP on its maturity,” said ministry in a statement. As reported in the monetary tables (M2), the government’s borrowing from the SBP for budgetary purposes is calculated as the difference between the government’s stock of borrowing from the SBP and its deposits with the SBP. Therefore, net borrowing number may change due to fluctuation in cash balance with SBP and other accounting conventions. This change is not fresh budgetary borrowing by the government from SBP but just a change in government’s cash balance with the SBP.

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