Terms $3b standby agreement reached with IMF \u2018breathing space\u2019
\nISLAMABAD
\nPrime Minister Shehbaz Sharif on Monday said the first tranche of $1.1 billion from the International Monetary Fund (IMF) will be given to the country during the current month of July.
\nAddressing a meeting of the federal cabinet, the premier said, \u201cWhoever will be voted into power should work on the policy framework. I am hoping that this is the last time we approach the international lender\u201d.
\nPM Shehbaz praised the finance ministry for finalising the agreement with the IMF. \u201cChina has also helped us months before the IMF deal,\u201d he added. He also thanked Saudi Arabia and the United Arab Emirates for committing two billion dollars and one billion dollars respectively.
\nHe said that the Chief of Army Staff General Asim Munir played a crucial role in securing financial assistance from the two Gulf countries. He said that during his visit to France, Islamic Development Bank also committed one billion dollars.
\n\u201cSaudi Arabia and the United Arab Emirates (UAE) had also promised the country that they would each provide $2 billion and $1 billion, respectively. The COAS has played vital role in this regard,\u201d he remarked.
\nHe said that the US Dollars 3 billion standby agreement reached with the IMF is a breathing space, stressing for converting it into an opportunity through vision, unity and strategy to achieve sustainable development.
\nThe existing government, according to PM Shehbaz, will find solutions to the problems the county had been dealing with for the past 15 months. The premier emphasised the need for political unity, saying, \u201cNo matter who would be elected to power.
\nThe country will achieve enormous development if we collaborate for up to 20 years\u201d. PM Shehbaz asked the Swedish government to take strict action against the desecration of the Holy Quran.
\nShehbaz Sharif expressed satisfaction over the emergency session of the Organisation of the Islamic Conference (OIC) on the latest act of desecration in Sweden. He said the OIC in its statement has not only demanded action against the perpetrators but also demanded necessary action to avert such spiteful incidents in future.
\nHe said Pakistan fully endorses the OIC\u2019s stance and hoped needful will be done so that such acts do not recur. \u201cWe condemn the Sweden\u2019s sacrilege of Holy Quran in strongest words. Those involved in the despicable act should be brought to justice,\u201d the premier concluded.
\nThe premier said the journey to progress was starting again from the point where former premier Nawaz Sharif had left \u2013 in a reaction to the unprecedented rally being witnessed at the Pakistan Stock Exchange.
\nHe congratulated the nation and the business community as the country\u2019s main market benchmark KSE-100 Index has so far touched the 43,933.94 mark during Monday\u2019s trading \u2013 a huge jump when compared to the previous closing of 41,452.68.
\nPM Shehbaz remarked that investors and the business community were regaining their confidence, as he described the market sentiment as the sunrise after a period of despair.
\n\u201cWe are following Nawaz Sharif\u2019s vision of development, progress and people\u2019s prosperity,\u201d said the prime minister who stressed the need to continue with the process while showing resolution and untiring efforts,\u201d said PM Shehbaz.<\/p>\n","protected":false},"excerpt":{"rendered":"
Terms $3b standby agreement reached with IMF \u2018breathing space\u2019 ISLAMABAD Prime Minister Shehbaz Sharif on Monday said the first tranche of $1.1 billion from the International Monetary Fund (IMF) will be given to the country during the current month of July. Addressing a meeting of the federal cabinet, the premier said, \u201cWhoever will be voted […]<\/p>\n","protected":false},"author":2,"featured_media":341009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[361],"class_list":{"0":"post-340982","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-shehbaz-sharif"},"yoast_head":"\n