Islamabad, July 13, 2024 – Prime Minister Muhammad Shehbaz Sharif expressed deep satisfaction on Saturday following Pakistan’s successful negotiation of a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan program. The agreement, spanning over 37 months, is poised to bolster Pakistan’s economy amidst ongoing financial challenges.
In a statement issued by the PM Office Media Wing, Prime Minister Shehbaz underscored the significance of the IMF program in navigating Pakistan away from economic instability. He acknowledged the necessity of difficult decisions taken by the government to achieve economic stability, emphasizing that these measures have started yielding positive outcomes.
“The IMF program has proven crucial in steering Pakistan out of financial straits,” Prime Minister Shehbaz was quoted as saying in the press release.
Prime Minister Shehbaz highlighted that the new loan program would not only strengthen Pakistan’s economy but also pave the way for sustainable economic prosperity, reducing dependency on foreign loans. He expressed gratitude to the IMF for its support during challenging times, reaffirming the government’s commitment to continuing efforts aimed at economic revitalization.
Under the IMF program, Prime Minister Shehbaz outlined plans to enhance financial and monetary policies, as well as to broaden the tax base. He pointed out that over the past year, Pakistan’s foreign reserves had significantly increased, contributing to overall economic stability.
The Prime Minister commended Finance and Revenue Minister Muhammad Aurangzeb, the financial team, and provincial chief ministers for their efforts in achieving this milestone. He reiterated his determination to stabilize Pakistan’s economy and lead it towards sustainable development, envisioning a future where the nation can thrive independently of external debt burdens.
Highlighting the government’s economic agenda, Prime Minister Shehbaz emphasized that policy reforms and financial targets had been rigorously adhered to, with a strong focus on supporting low-income segments of society. He noted that initiatives had been undertaken to stabilize the exchange rate and foster sustainable economic growth, setting the stage for comprehensive progress and prosperity.
“We are committed to completing the journey of progress and prosperity under these reforms,” Prime Minister Shehbaz affirmed.
Looking ahead, Prime Minister Shehbaz emphasized that the government’s steadfast commitment to economic stability and sustainable development would continue to lay strong foundations for enduring progress. He reiterated his confidence in the resilience of Pakistan’s economy, urging citizens to remain optimistic about the future.
The successful negotiation of the IMF loan program represents a pivotal moment for Pakistan, marking a strategic step towards economic resilience and independence. As the nation moves forward, Prime Minister Shehbaz expressed optimism that concerted efforts and strategic initiatives would pave the way for a brighter and more prosperous future for all Pakistanis.