Cabinet okays SBP Amendment Bill

State Bank of Pakistan (SBP) issued a controversial Amendment Bill that has been approved by the federal cabinet on Tuesday. The bill was approved to reduce the government’s borrowing from the central bank. The approval indicates that the action of the government to fulfill International Monetary Fund (IMF) heads for the sixth review of the Extended Fund Facility by the IMF board.

According to Amendment Billy by SBP, the tenure of the governor has been extended from three to five years which has been divided into two terms. However, for the current government, the decision is yet to be made.