Islamabad : Pakistan Prime Minister Shehbaz Sharif said the $3 billion agreement signed with the International Monetary Fund (IMF) should be the country’s last loan program with the global lender. The IMF said on Friday that the staff-level agreement is on a stand-by arrangement of $3 billion, pending approval by the lender’s executive board. The long-awaited decision comes after a delay of eight months and provides some relief to Pakistan, which is grappling with severe economic crisis and depleting foreign exchange reserves, Dawn reported. Sharif on Friday said it was a matter of pride It is not a moment but a time for contemplation. He questioned whether countries have developed on the basis of debt. “Never forget, we were forced to take this loan and it is my prayer… that this is the last time Pakistan goes to the IMF program and we never have to take a loan again,” he said. Regarding his talks with IMF Managing Director Kristalina Georgieva, the Prime Minister said that during the talks the Finance Minister and her team presented their facts, but despite all this, no progress was achieved, Dawn reported.
IMF Pakistan News: What did Pakistan get in the IMF deal? What will the Shahbaz government have to do to get $3 billionAgreement will help in economic stability
He said that in a meeting with the Managing Director in Paris last week, he had told them that the government had fulfilled the conditions of the fund and had put its political capital at stake so that we could prevent Pakistan from defaulting and that we had saved the country. Took tough steps for economic stability. Sharif has said that his government’s $3 billion settlement with the IMF will help in economic stability and development in the country.
IMF approves $3 billion aid to Pakistan
Pakistan will get 1 billion dollars soon
Reportedly, Sharif said the settlement with the IMF was indispensable for the country and his government was determined to complete the program while striving to achieve self-reliance in the future. On this occasion, the country’s Finance Minister Ishaq Dar said that after the approval of the IMF Executive Board in mid-July, Pakistan will get one billion dollars soon.