Prime Minister Shehbaz Sharif on Thursday lauded the efforts of the coalition-led government after the International Monetary Fund (IMF) and Pakistani authorities reached a staff level agreement, paving way for disbursement of the next tranche.
The prime minister said the agreement has set the stage to bring Pakistan out of the economic difficulties it is facing amid high inflation, falling foreign exchange reserves and risks of slower economic growth.
His statement came after the IMF and Pakistan authorities reached the much-delayed staff-level agreement. “Subject to Board approval, about $1,177 million (SDR 894 million) will become available, bringing total disbursements under the programme to about $4.2 billion,” said the IMF in its statement released early on Thursday.
IMF announces staff-level agreement with Pakistan
The development also came as a relief for Pakistan’s policymakers as the incumbent government was actively pursuing the US-based lender to revive its stalled bailout programme.
Taking to Twitter, PM Shehbaz congratulated the ministries of finance and foreign affairs for their efforts in getting the IMF program revived.
“It was great teamwork,” said the prime minister. “The agreement with the Fund has set the stage to bring the country out of economic difficulties,” he added.
Finance Minister Miftah Ismail also hailed the development.
“We will soon receive $1.17b as the combined 7th & 8th tranche. I want to thank the PM, my fellow ministers, secretaries and especially the finance division for their help and efforts in obtaining this agreement,” he said on Twitter.