Prime Minister Shehbaz Sharif on Tuesday said that revival of the International Monetary Fund (IMF) programme offers Pakistan “a pathway to reorient its economy,” calling for structural reforms to usher in economic progress.

“Revival of IMF programme, though critical to our economy, is not an end in itself," he said in a post on social media.

The premier was of the view that the populace will have to work hard to make the country self-sufficient.

“Pakistan must break out of the economic straitjacket, which is only possible through structural reforms,” the PM said.

The statement comes hours after the IMF revived the Extended Fund Facility (EFF) programme for Pakistan as its Executive Board approved the disbursement of $1.17 billion for seventh and eighth tranches.

IMF revives EFF amid nasty govt-PTI clatter

The decision allows for an immediate disbursement of about US$1.1 billion, bringing total purchases for budget support under the arrangement to about US$3.9 billion.

Following the announcement, Antoinette Sayeh, Deputy Managing Director and Acting Chair at IMF, issued the following statement:

“Pakistan’s economy has been buffeted by adverse external conditions, due to spillovers from the war in Ukraine, and domestic challenges, including from accommodative policies that resulted in uneven and unbalanced growth.

“Steadfast implementation of corrective policies and reforms remain essential to regain macroeconomic stability, address imbalances and lay the foundation for inclusive and sustainable growth."

PM Shehbaz has lauded his government's efforts on social media, especially praising the performance of Finance Minister Miftah Ismail.

Tranche: PM congratulates Miftah over approval by IMF board

“The formal resumption of an IMF program is a major step forward in our efforts to put Pakistan's economy back on track,” said Shehbaz.

“It is the outcome of an excellent team effort. I commend Finance Minister Miftah Ismail, his team and other stakeholders for their hard work,” he said.