Skip to main content

IMF’s $1.1bn tranche to help economic stability, says PM Shehbaz

Prime Minister Shehbaz Sharif said on Tuesday that the release of the final $1.1 billion tranche by the International Monetary Fund (IMF) under the stand-by arrangement (SBA) would bring more economic stability.


On Monday, the Fund had approved the immediate disbursement of approximately $1.1bn to Pakistan. Its executive board met in Washington and completed the second review under the SBA, bringing total disbursements under the arrangement to about $3 billion.


All board members favoured releasing the last installment except India, which abstained.


“The completion of the second and final review ref­lects the authorities’ stronger policy efforts under the SBA, which have supported the stabilisation of the economy and the ret­urn of modest growth,” the IMF said in a statement.


“To move Pakistan from stabilisation to a strong and sustainable recovery the authorities need to continue their policy and reform efforts, including strict adherence to fiscal targets,” the statement added.


The Fund also reminded Pakistan that while doing so, it also needed to protect the vulnerable from the possible impact of such reforms. The IMF also emphasised the need to adhere to “a market-determined exchange rate to absorb external shocks; and broadening of structural reforms to support stronger and more inclusive growth.


The approval by the IMF came a day after PM Shehbaz met IMF Managing Director (MD) Kristalina Georgieva on the sidelines of the World Economic Forum’s (WEF) special meeting in Riyadh and assured her that the government was fully committed to putting Pakistan’s economy “back on track”.


In a statement released today, PM Shehbaz said the release of the final tranche would bring more economic stability to Pakistan, state-run Radio Pakistan reported.


He was quoted as saying that the agreement with the IMF for the SBA had proven to be crucial in “preventing Pakistan from default during the sixteen months of his tenure in the previous government”.


“Tough decisions taken for economic security of Pakistan are yielding positive results now in the form of economic stability,” he said, adding that the government was doing its best to improve the economy and bring development to the country.


The premier asserted that taking a loan was not a success, adding that it would be a success when Pakistan managed to break free from loans.


He expressed the hope that the country would rid itself of the debt cycle and “enter a prosperous era if we continue to work in the right direction”. PM Shehbaz also thanked the Fund for supporting the country during difficult times.


Last year, the IMF Executive Board had approved the nine-month SBA arrangement with Pakistan “to support its economic stabilisation programme”. The approval had allowed for an immediate disbursement of $1.2bn, with the rest phased over the programme’s duration — subject to two quarterly reviews.


Finance Minister Muhammad Aurangzeb has said that Pakistan is now eyeing a “longer and larger” ec­o­­nomic bailout package with the IMF. The Fund has said it will support formulating a new economic programme for Pakistan if the government seeks one.


http://dlvr.it/T6CZ0n

Comments

Post a Comment

Popular posts from this blog

Casualties feared in Dir clashes between FC, intruding militants: reports

LOWER DIR: Casualties are feared on both sides as militants from Afghanistan reportedly attacked Frontier Corps (FC) personnel at multiple locations at the Pak-Afghan border in Maidan area of Lower Dir district on Saturday, as per unconfirmed reports. According to local residents and official sources, there were reports of militants’ infiltration from the Afghan side via the Shahi border area at Lamotai Top, Suripao and Safarai forest. However, the reports were yet to be confirmed by Inter Services Public Relations, the military’s media wing. On getting information about the alleged infiltration, troops of the paramilitary force, FC, led by Captain Yasin, Captain Asfandiar and Subedar Hamza, advanced to block the militants’ movement, as per reports. The militants allegedly attacked the troops, who also retaliated, thus prompting fears of casualties on both sides. The security forces surrounded alleged militants at three different locations. Later, gunship helicopters lau...
Post a Comment
Read more

PM Shehbaz pays tribute to martyred lieutenant, says military ‘cleaning’ Fitna-ul-Khawarij from Pakistan

Prime Minister Shehbaz Sharif on Sunday paid tribute to an officer who embraced martyrdom during an exchange of fire in Tirah Valley’s Bagh area of Khyber Pakhtunkhwa’s (KP) Khyber district, the Prime Minister’s office said in a notification on Sunday. According to a press release issued by the Inter-Services Public Relations (ISPR) today, an exchange of fire took place between security forces and terrorists on August 9 during which Lieutenant Uzair Mehmood Malik was injured. He succumbed to his injuries and embraced martyrdom at Combined Military Hospital (CMH) today, it said. “At one of the locations in Bagh, Lieutenant Uzair Mehmood Malik, leading his troops from the front, fought bravely and sent four Khawarij to hell,” the statement said. “However, during an intense fire exchange, the officer got critically injured and was under treatment at CMH Peshawar. Today he succumbed to injuries and embraced Shahadat.” The statement added that the security forces of Pakistan ...
Post a Comment
Read more

Family points finger at PPP MNA, two sons in journalist Nasrullah Gadani’s murder in Ghotki

SUKKUR: Slain journalist Nasrullah Gadani’s mother and two relatives have reiterated the allegation in statements recorded under Section 164 CrPC in a Mirpur Mathelo court that Pakistan Peoples Party’s MNA and his two sons had Nasrullah killed through their men. Ms Pathani Gadani, who was complainant in the case, and witnesses, Yaqoub Gadani and Salahuddin Gadani along with their counsel advocate Salahuddin Panhwar appeared before the second civil and first magistrate the other day and told him that PPP MNA Khalid Khan Loond, his sons, Shehbaz Loond, who was chairman of Mirpur Mathelo municipal committee, and Noor Mohammad Loond, had Nasrullah slain but the trio was so powerful that police had not dared include their names in the FIR. They appealed to the court to bring Nasrullah’s real killers to justice as per law and serve speedy justice to the bereaved family. Gadanis’ counsel Salahuddin Panhwar told media persons that the complainant and the witnesses had clearly stated t...
Post a Comment
Read more