Pakistan's central bank on Wednesday estimated economic growth for the current fiscal year of up to four per cent, surpassing forecasts by international agencies. The State Bank of Pakistan (SBP) announced its forecast in its belated annual report reviewing the fiscal year ended June 30, 2013 . "SBP projects GDP growth in the range of 3-4 per cent for FY14 which is higher than the IMF's growth forecast of 2.5 to three per cent," the bank said. The International Monetary Fund (IMF) approved a $6.7 billion loan package for Pakistan in September last year, subject to strict economic reforms, particularly in its troubled energy sector and tax system. The central bank forecast that the three-year deal should bring stability to the domestic foreign exchange market during the current fiscal year. In the last fiscal year Pakistan's economy grew at 3.6 per cent, the bank said, and inflation fell to single digits.
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