Islamabad [Pakistan]July 2 (ANI): Pakistan’s Prime Minister Shebaz Sharif said the $3 billion staff-level agreement Pakistan signed with the International Monetary Fund (IMF) on Friday should be a key step between the country and the fund, Dawn reported. Organization’s last loan program.
The IMF said the bank’s executive board must approve the staff-level deal, which involves a $3 billion standby arrangement. The long-awaited verdict came after an eight-month delay, a sigh of relief for Pakistan, which is currently facing a severe balance of payments crisis and falling foreign exchange reserves.
On Friday, Information Minister Mariam Aurangzeb announced that the prime minister and finance minister would address the public today to “inspire confidence in the IMF agreement,” Dawn newspaper reported.
Press from Finance Minister Ishaq Dar, Aurangzeb and Punjab Governor Balighur Rehman and PM Shehbaz in Lahore Eid greetings to the nation and global Muslim community at the launch.
“Today, as you know, months of our interactions with the IMF have come to a very positive conclusion, and you all must have read the IMF statement. I don’t need to say anything more. Prime Minister Sheikh Baz also said it was not a “moment of pride, but a moment of contemplation”, questioning whether the country relied on loans for development, Dawn newspaper reported.
Sharif added: “Never forget this, we are forced to take this loan and this is my prayer… This is the last time Pakistan will be involved in IMF programs and we will never have to take loans again.”
Prime Minister Sharif reiterated his remarks in a subsequent tweet.
Despite numerous contacts and exchanges with IMF Managing Director Kristalina Georgieva during which the Finance Minister and her team presented the facts, despite this, no progress has been made, the prime minister said.
He added that in a meeting with the managing director in Paris last week, he told her that the government had met the IMF’s conditions and put its political capital at risk, “just to prevent Pakistan from defaulting, we took tough measures. measures to prevent Pakistan from defaulting.” The country’s economy is stable,” Liming said.
Prime Minister Sheikh Baz claimed that Georgieva had informed him of two or three additional actions that needed to be taken, and that he encouraged her not to worry and that he would immediately work to make progress in these areas.
He noted that he directed the Treasury secretary to make a “last-ditch effort” to address the IMF’s “serious concerns” in this area after the managing director expressed concern about a $2 billion external funding shortfall.
Sharif added that after the meeting, the Islamic Development Bank president provided Pakistan with $1 billion in funding.
He added that he again had discussions with the IMF chief, who assured him they would move forward together.
He added that he was meeting again with the IMF chief, who assured him that they would move forward together.
After Prime Minister Nawaz Sharif called the moment an “ice-breaking and turning point” for Paris, Georgieva called him and said many things were moving fast on the IMF agreement.
“I can say that the staff level agreement is done and it’s a move towards [IMF] board [approval]He added that the IMF board will meet on July 12, where the $3 billion standby deal will be discussed, Dawn reported. (ANI)
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