PM expresses satisfaction over IMF staff level agreement

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday expressed his satisfaction over Pakistan reaching a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan programme.

The prime minister said for the country’s economy, they had taken harsh and difficult decisions and owing to these decisions, positive outcome was being achieved in form of economic stability.

“The IMF programme proved vital in steering Pakistan out of financial straits,” the PM Office Media Wing quoted the prime minister as saying.

The IMF has agreed to extend a $7 billion loan to Pakistan, spanning over a period of 37 months.

The prime minister observed that the new loan programme would further strengthen the economy of Pakistan, ushering in a new era of economic prosperity and end to foreign loans.

The prime minister thanked the IMF for its support in the difficult times and said that the government was continuing efforts towards strengthening of economy.

He said under the IMF programme, steps would be taken for strengthening of the financial and monetary policy, besides broadening of the tax net base.

In the previous one year, the country’s foreign reserves have swelled leading to economic stability, he noted.

Prime Minister Shehbaz also appreciated efforts of Minister for Finance and Revenue Muhammad Aurangzeb, the financial team and the provincial chief ministers.

He also expressed his resolve to stabilise Pakistan and take it to sustainable development, adding that they could achieve success on the day they get rid of loans.

The prime minister further underlined the government’s efforts at economic agenda and said these measures were paving ways for putting the country’s economy on strong foundations and for the durable progress and prosperity of the citizens.

The government strictly adhered to the policy reforms and meeting the financial targets and thus supported the low income segments of the society, he added.

“We have stabilised the exchange rate for the economic stability and taken steps for sustainable growth,” he said, adding that from now onwards, a journey of progress and prosperity would be completed under these reforms.