PM Shehbaz expresses satisfaction over $7bn bailout deal with IMF

ISLAMABAD: Prime Minister Shehbaz Sharif expressed his satisfaction over Pakistan’s staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan programme on Saturday.

The prime minister said for the country’s economy, they had taken harsh and difficult decisions, and owing to these decisions, positive outcomes were being achieved in the form of economic stability.

“IMF programme proved vital in steering Pakistan out of financial straits,” PM Office Media Wing, in a press release, quoted the prime minister as saying. The IMF has agreed to extend a $7 billion loan to Pakistan, spanning over 37 months.

The prime minister observed that the new loaning programme would further strengthen the economy of Pakistan, ushering in a new era of economic prosperity and an end to foreign loans.

The prime minister thanked the IMF for its support in the difficult times and said that the government was continuing efforts towards strengthening of economy. “Under the IMF programme, steps would be taken for strengthening the financial and monetary policy besides, broadening of tax net base,” he added.

During the previous year, the country’s foreign reserves had swelled leading to economic stability, he noted.

The prime minister also appreciated the efforts of Minister for Finance and Revenue Muhammad Aurangzeb, the financial team, and the provincial chief ministers.

He also expressed his resolve to stabilize Pakistan and take it to sustainable development, adding that they could achieve success on the day, once they get rid of loans.

The prime minister further underlined the government’s efforts at economic agenda and said these measures were paving the way for putting the country’s economy on strong foundations and for the durable progress and prosperity of the citizens.

The government strictly adhered to the policy reforms and meeting the financial targets and thus supported the low-income segments of society, he added.

“We have stabilized the exchange rate for economic stability and taken steps for sustainable growth,” he said, adding that from now onwards, a journey of progress and prosperity would be completed under these reforms.