Islamabad
\nA day after the International Monetary Fund (IMF) approved the last tranche of $1.1 billion for Pakistan under the $3 billion Stand-By Arrangement (SBA), Prime Minister Shehbaz Sharif Tuesday said that the \u201creal success\u201d lies in getting rid of the debt.
\n\u201cReal success lies in getting rid of the debt and not securing [another] loan [tranhce],\u201d PM Shehbaz said while expressing satisfaction over the approval of the third tranche by the Washington-based lender which has already released $1.9 billion to Pakistan under the agreement.
\nLauding the financial team, including Finance Minister Muhammad Aurangzeb for their efforts, the prime minister said that the $1.1 billion tranche will \u201cbring more economic stability\u201d.
\nThe premier further noted that the government made bitter and tough decisions concerning the economy, adding that such decisions are now proving themselves beneficial in the form of improved and stabilised economic indicators.
\nHis remarks come after IMF\u2019s Executive Board completed the second and final review of Pakistan\u2019s economic reform programme supported by the SBA.
\n\u201cThe Board\u2019s decision allows for an immediate disbursement of SDR 828 million (around $1.1 billion), bringing total disbursements under the arrangement to SDR 2.250 billion (about $3 billion),\u201d the IMF said in an official statement.
\nUnderscoring positive development in the country\u2019s economic indicators, the IMF\u2019s Deputy Managing Director and Chair Antoinette Sayeh pointed out moderate growth, eased external pressures, a decline in inflation and called on Islamabad to capitalise on this hard\u2011won stability, persevering \u2014 beyond the current arrangement \u2014 with sound macroeconomic policies and structural reforms to create stronger, inclusive and sustainable growth.
\nIt is to be noted that Pakistan has made a formal request to the IMF for seeking the next bailout package ranging between $6 to $8 billion under the EFF with the possibility of augmentation through climate financing.
\nHowever, the exact size and time frame will only be determined after evolving consensus on the major contours of the next programme in May 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad A day after the International Monetary Fund (IMF) approved the last tranche of $1.1 billion for Pakistan under the $3 billion Stand-By Arrangement (SBA), Prime Minister Shehbaz Sharif Tuesday said that the \u201creal success\u201d lies in getting rid of the debt. \u201cReal success lies in getting rid of the debt and not securing [another] […]<\/p>\n","protected":false},"author":2,"featured_media":348428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-403766","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n