ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif expressed satisfaction on Saturday as Pakistan reached a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan program.
He said that despite the challenges, the government’s tough decisions had led to positive outcomes, stabilizing the economy.
According to a press release from the PM Office Media Wing, Prime Minister Shehbaz Sharif acknowledged the critical role of the IMF program in navigating Pakistan out of financial difficulties.
The IMF’s agreement involves a $7 billion loan over 37 months, aimed at bolstering Pakistan’s economic stability and reducing dependence on foreign loans.
The prime minister highlighted that the new loan program would strengthen Pakistan’s economy further, ushering in a phase of prosperity and reducing external debts. He thanked the IMF for their support during challenging times and reiterated the government’s commitment to economic strengthening efforts.
Under the IMF program, efforts will focus on enhancing financial and monetary policies and expanding the tax base. Shehbaz Sharif noted significant growth in foreign reserves over the past year, contributing to economic stability.
The prime minister also praised Finance Minister Muhammad Aurangzeb, the financial team, and provincial chief ministers for their efforts. He reaffirmed the government’s dedication to stabilizing Pakistan and achieving sustainable development goals, emphasizing the aim to rid the country of debts.
Shehbaz Sharif said that the government’s economic agenda and policy reforms were laying robust foundations for lasting progress and prosperity for citizens. He highlighted measures taken to stabilize the exchange rate and promote sustainable economic growth, asserting that these reforms would lead Pakistan towards a journey of progress and prosperity.
Furthermore, he underscored the government’s commitment to supporting low-income segments of society through policy reforms and achieving financial targets to ensure inclusive economic growth.
