Islamabad, July 13, 2023 – Prime Minister Shehbaz Sharif has lauded the approval of a Stand-by Agreement totaling three billion dollars by the Executive Board of the International Monetary Fund (IMF) as a significant achievement.
This milestone is expected to play a crucial role in stabilizing Pakistan’s economy and achieving long-term macroeconomic stability.
On Wednesday, Prime Minister Sharif expressed his belief that this development will strengthen Pakistan’s economic position, allowing the country to overcome immediate-to-medium-term economic challenges. Furthermore, he emphasized that it would provide the next government with the necessary fiscal space to navigate the path ahead.
In his tweet, the Prime Minister commended the Finance Minister, Ishaq Dar, and his dedicated team at the Ministry of Finance for their tireless efforts. He acknowledged that this remarkable accomplishment was attained in the face of formidable obstacles and within a seemingly impossible timeframe. Prime Minister Sharif stressed that it would not have been possible without the exceptional teamwork demonstrated by all those involved.
Additionally, Shehbaz Sharif extended his heartfelt gratitude to IMF Managing Director Kristalina Georgieva and her team for their unwavering support and cooperation throughout the negotiations. Their assistance proved invaluable in ensuring the successful conclusion of the bailout package approval.
The IMF’s Stand-by Agreement serves as a crucial lifeline for Pakistan, enabling the government to address pressing economic challenges. It provides financial support to help the country manage its external financing needs and stabilize the economy, fostering an environment conducive to sustainable growth and development.
The approval of this IMF bailout package comes at a critical juncture for Pakistan, as the country strives to overcome various economic hurdles and strengthen its financial foundations. With the assistance of the IMF and the dedicated efforts of the government, Pakistan is poised to pave the way for a more stable and prosperous future.
Prime Minister Shehbaz Sharif’s recognition of this achievement underscores the government’s commitment to ensuring economic stability and its dedication to implementing effective policies that will yield positive outcomes for the people of Pakistan.