The staff-level agreement of three billion US dollars with the IMF will enable Pakistan to achieve economic stability.
This was stated by the Prime Minister of Pakistan in a statement on the social networking website Twitter today (Friday, June 30). He said this agreement will help to strengthen Pakistan’s foreign exchange reserves and put the country on the path of sustainable economic growth.
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PM Shehbaz Sharif also appreciated the efforts and hard work of the Federal Minister for Finance Muhammad 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 Premier wrote, “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. This Arrangement will help strengthen Pakistan’s foreign exchange reserves, enable Pakistan to achieve economic stability and put the country on the path of sustainable economic growth, Insha’Allah. I would like to appreciate the efforts and hard work of Finance Minister @MIshaqDar50 and his team at the Ministry of Finance in achieving this outcome. I would also like to thank MD IMF @KGeorgieva and her team at the IMF for their cooperation and collaboration, especially during the course of last week.”
It is to be mentioned here that IMF has reached a staff-level agreement with Pakistan on a three billion stand-by arrangement. The staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July.
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.
