Prime Minister Shehbaz Sharif thanks friendly countries that supported IMF package, particularly Saudi Arabia, China, and United Arab Emirates
NEW YORK: (UrduPoint/Pakistan Point News-Sept 25th, 2024) The International Monetary Fund (IMF) on Wednesday approved a $7 billion bailout package for Pakistan.
An Executive board meeting was held under the leadership of IMF Managing Director Kristalina Georgieva, where Pakistan's agenda was a top priority.
According to sources from the Ministry of Finance, Pakistan is expected to receive the first tranche of $1.1 billion by September 30, with a second tranche anticipated in the same fiscal year following the program's approval.
Sources said that the IMF loan would be available at an interest rate of less than 5%.
In discussions with journalists, State Bank Governor Jameel Ahmad mentioned that Pakistan would receive an initial tranche of up to $1 billion or $1.1 billion.
He stated that Pakistan had fulfilled all the conditions set by the IMF.
Meanwhile, Prime Minister Shehbaz Sharif expressed satisfaction with the approval of the $7 billion IMF package. He remarked that, by the grace of Allah, the implementation of economic reforms is progressing rapidly, and efforts will continue to achieve economic growth targets after establishing stability.
He noted that the increase in business activities and investments in Pakistan is a positive sign and a testament to the hard work of the economic team. The rise in remittances from overseas Pakistanis reflects their confidence in government policies, and if efforts continue in this manner, this will be Pakistan's last IMF program.
The Prime Minister thanked the friendly countries that supported the IMF package, particularly Saudi Arabia, China, and the United Arab Emirates.
He also expressed gratitude to the entire government economic team, including Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Army Chief General Syed Asim Munir, Pakistan’s Ambassador to China Khalil Hashmi, and China’s Ambassador to Pakistan Jiang Zaidong, for their efforts and hard work in this regard.
The Prime Minister extended thanks to all provincial governments, especially Chief Minister Punjab Maryam Nawaz, Chief Minister Sindh Murad Ali Shah, and Chief Minister Balochistan Sardar Farrukh Bukhari.
Earlier, while speaking in New York, Prime Minister Shehbaz Sharif stated that they had met the stringent conditions set by the IMF and expressed gratitude to Saudi Arabia, China, and the United Arab Emirates, noting that this would not have been possible without their cooperation.
