3 Recent ECB staff analysis indicates that the tightening of monetary policy since  December 2021 is estimated to have a downward impact on inflation of 2 percentage points on average over the period 2023-25 compared with a situation where policy remained unchanged.
And Pakistan’s continued engagement with the IMF and other IFIs, and its re-entry into the international capital market, ensured that the country was not only able to easily make its FX payments, but also accumulate foreign exchange. At the same time, the government’s sharp focus on addressing the energy constraints has stimulated industrial activities.