Prime Minister Shehbaz Sharif expressed his satisfaction as Pakistan received the last financial tranche of $1.1 billion from the International Monetary Fund (IMF).
Reflecting on the significance of this milestone, the Prime Minister recalled the completion of the IMF programme during the tenure of Nawaz Sharif in 2016. He emphasized that this second program's completion marks a crucial step for the nation.
Attributing the agreement's importance, the PM acknowledged its role in steering Pakistan away from default during the previous government's 16-month tenure, and he also noted that these decisions are now yielding positive outcomes in the form of economic stability.
With a determined spirit, the premier affirmed his commitment to harnessing this opportunity granted by Providence to propel economic development in the country.
Highlighting his vision of success, PM Shehbaz stressed that true success lies in liberating the nation from the shackles of debt, rather than merely acquiring loans.
Looking ahead optimistically, Mr Sharif expressed confidence that by steadfastly following the right path, Pakistan will soon witness an era of debt relief and economic prosperity.
Commending the efforts of the economic team, including Finance Minister Muhammad Aurangzeb, the Prime Minister credited their dedication in achieving this milestone.
Expressing gratitude towards the Managing Director of the IMF for supporting Pakistan during challenging times, Prime Minister Shehbaz Sharif underscored the importance of international cooperation.
IMF okays final $1.1bn tranche for Pakistan
Earlier on Monday, the IMF Executive Board's decision to release the final tranche of approximately $1.1 billion to Pakistan has been met with approval, bringing the total disbursements under the Stand-By Arrangement (SBA) to about $3 billion.
During their meeting in Washington, the board unanimously favoured releasing the last instalment, except for India, which abstained from the decision.
In a statement, the IMF recognized Pakistan's stronger policy efforts under the SBA, which have contributed to stabilizing the economy and ushering in modest growth.
However, the IMF underscored the need for Pakistan to transition from stabilization to a robust and sustainable recovery, emphasizing the importance of continued policy and reform efforts.
The Fund reminded Pakistan to safeguard vulnerable sections of society from the potential impacts of these reforms, while also advocating for a market-determined exchange rate and broader structural reforms to support inclusive growth.
Deputy Managing Director Antoinette Sayeh emphasized Pakistan's progress in restoring economic stability through determined policy efforts but urged continued fiscal discipline and structural reforms to foster stronger, inclusive, and sustainable growth.
