Pakistan to achieves economic stability with IMF bailout: PM Shehbaz

Prime Minister Shehbaz Sharif on Friday expressed his satisfaction after Pakistan signed a staff-level agreement on a “standby arrangement” for nine months, helping to achieve economic stability in Pakistan, ARY News reported on Friday.

READ: IMF, Pakistan reach $3bn staff-level agreement

PM Shehbaz Sharif in a tweet stated that the signing of a $3 billion Stand-By Arrangement will help strengthen Pakistan’s foreign exchange reserves, enable Pakistan to achieve economic stability, and put the country on the path of sustainable economic growth.

Alhamdulillah, I am pleased to announce that Pakistan has reached a Staff-Level Agreement with the IMF on a nine-month US$3 billion Stand-By Arrangement. This Arrangement will help strengthen Pakistan’s foreign exchange reserves, enable Pakistan to achieve economic stability, and…

— Shehbaz Sharif (@CMShehbaz) June 30, 2023

This agreement will not only provide immediate financial relief but also pave the way for future economic stability and growth.

He appreciated Finance Minister Ishaq Dar and his team at the Ministry of Finance for their efforts and hard work to achieve this outcome.

Shehbaz Sharif expressed gratitude to Managing Director (MD) of IMF Kristalina Georgieva for her cooperation and collaboration during the course of time.