ISLAMABAD: The International Monetary Fund (IMF) has agreed to a 37-month $7 billion loan programme with Pakistan, said the Prime Minister’s Office on Saturday.
According to a handout issued by the PMO, Prime Minister Shehbaz Sharif has expressed his satisfaction with the Staff Level Agreement (SLA) between Pakistan and the IMF, under which Pakistan will receive $ 7 billion.
The prime minister added that the government has taken bitter and difficult decisions for the economic security of the country and the fruits of difficult decisions are now appearing in the form of economic stability.
IMF, Pakistan reach staff-level agreement on $7bn Extended Fund Facility
He added that the IMF agreement proved to be important in getting Pakistan out of its difficult economic situation and he was thankful to the IMF for supporting in difficult times.
The premier added that the IMF programme has been helpful in steering the country out of difficult economic situation and the government is thankful of the IMF for supporting the country in difficult situation.
He said that the government is continuing work on priority basis to improve the economy and the IMF program will help widen the tax base along with measures to improve and strengthen fiscal and monetary policy.
The prime minister added that during the last one-year, the country’s foreign exchange reserves have improved and economic stability has been strengthened.
The prime minister acknowledged efforts of Finance Minister Muhammad Aurangzeb, all the economic team and provincial chief ministers.
He said new loan programme will lead to economic stability in the country and soon an era of debt relief and economic prosperity will be witnessed. Shehbaz Sharif said that government commitment is to take the country towards stability and sustainable economic recovery and growth and real success would be on the day when the country would get right of from debt.
The government is moving fast on the agenda of economic reforms which would help strengthen the country’s economic fundamentals and it would eventually determine the path for sustainable development and prosperity of the citizens.
The government has become a support for the low-income group by sticking to policy reforms and fiscal target, he said while adding that the government has been able to stabilize the exchange rate to improve the economy, and has taken steps to achieve sustainable growth rate.
The prime minister stated that the Pakistan has to move beyond the stability towards a strong economy and hopefully this journey of economic development will be completed with the measures taken by the government.
Copyright Business Recorder, 2024