Islamabad, June 30, 2023: Prime Minister Shehbaz Sharif announced on Friday that Pakistan has reached a Staff-Level Agreement with the International Monetary Fund (IMF) on a nine-month US$3 billion Stand-By Arrangement (SBA).
Prime Minister Sharif expressed his satisfaction with the agreement, stating that it would bolster Pakistan’s foreign exchange reserves and pave the way for economic stability and sustainable growth.
In a tweet, Prime Minister Sharif said, “Alhamdulillah, I am pleased to announce that Pakistan has reached a Staff-Level Agreement with the IMF on a nine-month US$3 billion Stand-By Arrangement.” He emphasized that this arrangement would not only strengthen Pakistan’s foreign exchange reserves but also contribute to the country’s economic stability and place it on a trajectory of sustainable economic growth.
Prime Minister Sharif extended his appreciation to Finance Minister Ishaq Dar and the entire finance ministry’s team for their efforts and hard work in achieving this significant outcome. He also expressed gratitude to IMF Managing Director Kristalina Georgieva and her team for their cooperation and collaboration, particularly throughout the past week.
The agreement with the IMF is expected to provide a much-needed boost to Pakistan’s economy, which has been facing challenges in recent times. The infusion of US$3 billion in funds will help bolster the country’s foreign exchange reserves, which is crucial for maintaining stability in the financial markets. Additionally, the agreement will support the government’s efforts to implement structural reforms and pursue sustainable economic policies.
This development is seen as a positive step towards addressing Pakistan’s economic challenges and attracting further investment. The agreement with the IMF reflects the international community’s confidence in Pakistan’s economic potential and the government’s commitment to implementing necessary reforms.
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With this new funding in place, Pakistan aims to strengthen its macroeconomic fundamentals, enhance fiscal discipline, and promote a conducive environment for business and investment. The government will likely focus on measures to boost key sectors such as energy, infrastructure, and agriculture, while also implementing reforms to improve governance and transparency.
Overall, Prime Minister Sharif’s announcement of the Staff-Level Agreement with the IMF has been received positively, with hopes that it will provide a much-needed impetus to Pakistan’s economy and lay the groundwork for sustainable growth in the future.
