Staff-level agreement with IMF will enable Pakistan to achieve economic stability: PM

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Shehbaz Sharif
Prime Minister Shehbaz Sharif says staff-level agreement of three billion US dollars with IMF will enable Pakistan to achieve economic stability.

In a tweet on Friday, he said this agreement will help to strengthen Pakistan's foreign exchange reserves and put the country on the path of sustainable economic growth.

The Prime Minister appreciated the efforts and hard work of Finance Minister Ishaq Dar and his team at the Ministry of Finance for achieving this outcome.

He also thanked Managing Director IMF Kristalina Georgieva and her team at the IMF for their cooperation and collaboration, especially during the course of last week.

The International Monetary Fund (IMF) and Pakistan have reached to nine-month Stand-By Arrangement (SBA) of around US$3 billion, according to press statement issued by the fund.

“I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 percent of Pakistan’s IMF quota)”, said Nathan Porter, who was leading IMF staff team in meetings with Pakistan.

The staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July, the statement added.

The new SBA will support the authorities’ immediate efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.

It would also create space for social and development spending through improved domestic revenue mobilization and careful spending execution to help address the needs of the Pakistani people.

According to the statement, steadfast policy implementation was key for Pakistan to overcome its current challenges, including through greater fiscal discipline, a market determined exchange rate to absorb external pressures, and further progress on reforms, particularly in the energy sector, to promote climate resilience, and to help improve the business climate.

It is pertinent to mention, IMF staff team led by Nathan Porter held in person and virtual meetings with the Pakistani Authorities to discuss a new financing engagement for Pakistan under an IMF Stand-by Arrangement (SBA).

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