IMF tranche to bring economic stability to Pakistan: PM Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday expressed satisfaction over the disbursement of $1.1 billion loan tranche by the International Monetary Fund (IMF) under the $3 billion Stand-By Arrangement (SBA), saying that the tranche would help bring economic stability to the country.

On Monday, the IMF Executive Board completed the second review under the Stand-By Arrangement (SBA) for Pakistan, allowing for an immediate disbursement of around $1.1 billion, bringing total disbursements under the arrangement to around $3 billion.

The IMF and Pakistan had reached the Staff Level Agreement on the second and final review on March 20, 2024 for the remaining $1.1.

The prime minister, in a statement, said that in 2016, former premier Nawaz Sharif had completed the IMF program in his tenure, and the current one was the second SBA nearing completion.

Highlighting the significance of the IMF program to save Pakistan from economic default, Prime Minister Shehbaz said that the bitter and tough decisions were coming to fruition in the form of economic stability.

“The real success is not to get loans but to get rid of them,” he remarked.

He said the time of riddance from the loans and economic prosperity would arrive soon if the efforts in the right direction continued with the same passion.

The prime minister 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 appreciated finance team, and thanked the IMF Managing Director for supporting Pakistan in difficult times.