 for releasing the final tranche of $1.1 billion under its Stand-By){kind=link}
Prime Minister Shehbaz Sharif has expressed appreciation towards the International Monetary Fund (IMF) for disbursing the final tranche of $1.1 billion as part of its Stand-By Arrangement for Pakistan’s financial needs.
According to a press release from the PM’s Office on Tuesday, Shehbaz acknowledged the significance of these funds in bolstering economic stability within Pakistan, reflecting on the pivotal role the IMF agreement played during his previous 16-month tenure.
He credited the program with averting default and stressed the importance of making tough yet necessary decisions to safeguard Pakistan’s economic security, which are now yielding positive results in terms of stability.
Prime Minister Sharif emphasized the government’s commitment to enhancing the economy and promoting development across the nation. He reiterated his stance against excessive borrowing, highlighting the imperative of responsible financial management and the ultimate goal of debt clearance rather than accumulation.
Shehbaz expressed optimism for future debt relief, economic prosperity, and sustained progress in the right direction, extending gratitude to Finance Minister Muhammad Aurangzeb and acknowledging the support of IMF Managing Director Kristalina Georgieva. The IMF chief, in turn, commended the prime minister’s leadership for securing the Stand-By Arrangement in a timely manner last year.
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Both parties deliberated on Pakistan’s potential entry into another IMF program to consolidate the gains achieved over the past year and maintain a positive economic growth trajectory. The IMF managing director provided insights into the ongoing program’s perspective, including the review process.
This meeting marked the first interaction between the prime minister and the IMF MD since his re-election, their previous encounter taking place in Paris in June 2023 during the Summit for New Global Financial Pact. Prime Minister Shehbaz extended an invitation to the IMF MD to visit Pakistan at her convenience.