PM Shehbaz puts politics at stake for reviving IMF programme: Miftah

ISLAMABAD: Former finance minister Miftah Ismail on Monday has praised Prime Minister (PM) Shehbaz Sharif for reviving International Monetary Fund (IMF) programme by putting his ‘politics at stake’, terming the stand-by agreement ‘an assurance’ to avoid default, ARY News reported.

Speaking at ARY News programme ‘11th Hour’, the former minister said that PM Shehbaz Sharif put his politics at stake for reviving the IMF programme, calling the stand-by agreement a ‘good news’.

“The prime minister knew securing the deal with the international lender was crucial for avoiding default,” Miftah Ismail said, ruling out chances of default for next nine months.

However, he warned, the country has to return Rs75 billion in next three years. “Now we have to take more loans to repay the old ones,” he added.

Miftah called for economic reforms for the country’s progress, saying that an effective government was needed to overcome the economic crisis. In response to a question, the former finance minister noted he imposed tax on salaried class due to IMF’s condition.

Read More: PM Shehbaz hopes current IMF programme to be last

Last week, Pakistan signed $3 billion staff-level agreement with the International Monetary Fund (IMF) following the conclusion of staff-level agreement.

As per details, the government of Pakistan and IMF $3 billion staff-level agreement was signed in a ceremony held in Lahore.

Read more: Pakistan signs $3bn staff level agreement with IMF

Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and Information Minister Marriyum Aurangzeb were present at the ceremony

International Monetary Fund (IMF) announced that a “Stand-By Arrangement” between the global money lender with Pakistan has been reached successfully.

IMF Mission Chief Nathan Porter along with his team maintained continuous communication with Pakistani authorities and completed the agreement through virtual negotiation.

The final approval of this agreement will be given by the IMF’s executive board, which is expected to take place in mid-July. After this approval, Pakistan can receive a loan of $3 billion.