Digital transfers increase in Pakistan during Coronavirus: IMF
ISLAMABAD (City News) – International Monetary Fund (IMF) on Monday said that digital transfers in Pakistan increased during the Coronavirus, interest rates were reduced while the growth rate will remain at one percent this financial year.
A new outlook report released by the IMF stated that Pakistan is still facing losses from the pandemic. Funds were provided during the pandemic but the priorities had changed funding due to Covid-19.
The report further said that the coronavirus epidemic affected revenue in Pakistan, while the pandemic made it difficult to collect taxes on time. Pakistan had to change its monetary policies due to the global disease.
According to the IMF, the government had to pay cash grants those affected by the lockdown, subsidies have to be given to revive small businesses, digital transfers increase in Pakistan during Covid-19.
The report further stated that Pakistan also digitally transferred cash grants. Pakistan reduced interest rates due to coronavirus, while the growth rate affected. Pakistan s growth rate will be one percent during this fiscal year.