PBA commends govt over negotiating IMF bailout package

KARACHI: The Pakistan Banks’ Association (PBA) commends the efforts of the Government of Pakistan and the Ministry of Finance on the successful negotiations to obtain US $7 billion, a 37-month loan from the International Monetary Fund (IMF), and the unwavering commitment of the Prime Minister of Pakistan, Mian Muhammad Shehbaz Sharif and the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb towards the implementation of robust policies and reforms leading to improved macroeconomic indicators and sustainable growth.

PBA acknowledged with satisfaction that in his press conference following the IMF announcement, the Federal Minister for Finance and Revenue stressed the importance of implementing much-needed fundamental structural reforms for the current arrangement with the IMF to be the last funding programme for Pakistan.

The Minister also shared his optimistic view regarding Pakistan’s prospective economic outlook, with the reforms bringing steady growth in export and foreign exchange reserves, reduced policy rates, and enhanced investor confidence.

PBA is fully supportive of the Finance Minister’s vision that this growth can only be accelerated on the back of a documented economy, and his emphasis that Pakistan should embark on a “nuclear war” against the current cash-based economy.

The Association is already working closely with the State Bank of Pakistan (SBP) to foster a transparent and cashless economy through advancing digitalisation and enhancing financial inclusion in the country as part of its implementation of priority sector initiatives.

Commenting on the development, Zafar Masud, Chairman – PBA said, “With the effective execution of the homegrown plan, the Government of Pakistan will pave the way for a resilient economic future. PBA stands ready to continue to support the government in its efforts towards achieving sustainable economic stability and driving rapid progress.”