Interim Governor of State Bank of Pakistan (SBP) Murtaza Syed has said that the coming 12 months will be tough for the global economy due to the rise in global commodity prices.

According to details, interim SBP Chairman Syed Murtaza has said that the coming year would be tough on the global economy due to an increase in commodity prices. Pakistan’s economy is not as bad as people are estimating, he added.

He said that Pakistan’s debt to GDP ratio is 70%, while the foreign debt to GDP ratio is 40%. Pakistan’s internal debt is significant, but controlling them is easier, he added.

The countries that get the IMF program will be safe from the coming economic hardships.

Moreover, Deputy Governor SBP Inayat Hussain told that Pakistan’s foreign reserves are currently at $9.30 billion. The foreign reserves are not adequate as they should be enough for three months foreign payments but they are not as bad as projected, he added.

The Deputy Governor added that Pakistan will fulfil its need for dollars for the current year. Pakistan also has gold reserves of $3.80 billion, which are not included in the foreign reserves, he added.

Economic conditions are under control, we would not need to cash our gold reserves, he assured. The PKR has devalued by around 18% since December.