PM expresses satisfaction over IMF staff level agreement for $7bn loan

PM expresses satisfaction over IMF staff level agreement for $7bn loan

Prime Minister Muhammad Shehbaz Sharif on Saturday expressed his satisfaction over reaching of Pakistan’s staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan programme.

The prime minister said for the country’s economy, they had taken harsh and difficult decisions and owing to these decisions, positive outcome was being achieved in form of economic stability.

“IMF programme proved vital in steering Pakistan out of financial straits,” PM Office Media Wing, in a press release in Urdu language, quoted the prime minister as saying.

The IMF has agreed to extend $7 billion loan to Pakistan, spanning over a period of 37 months.

The prime minister observed that the new loaning programme would further strengthen the economy of Pakistan, ushering in a new era of economic prosperity and end to foreign loans.

The prime minister thanked the IMF for its support in the difficult times and said that the government was continuing efforts towards strengthening of economy.

He said under IMF programme, steps would be taken for strengthening of the financial and monetary policy besides, broadening of tax net base.