Pakistan meets IMF bailout conditions with help from friendly nations, says PM Shehbaz
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Pakistan is moving towards development after achieving economic stabilisation: Finance Minister
ISLAMABAD (Web Desk) - Prime Minister Shehbaz Sharif said on Thursday that friendly countries have helped Pakistan to meet requirements necessary to secure a bailout by the International Monetary Fund (IMF).
Islamabad had been working on implementing conditions from the IMF to complete a $7 billion, 37-month loan programme agreed in July, which Pakistan hopes will be its last.
Earlier, Prime Minister Shehbaz Sharif lauded the announcement by the State Bank of Pakistan to slash the policy rate by two percent, calling it a step to boost investors’ confidence.
“The reduction in policy rate is welcoming for country’s economy. This will help boost investors’ confidence in Pakistan’s economy thus increasing investment,” the prime minister said in a statement issued by the PM Office.
Meanwhile, Finance Minister Muhammad Aurangzeb said Pakistan is moving towards development after achieving economic stabilisation.
Also Read: State Bank slashes interest rate by significant 2pc to 17.5pc
In a statement issued on Thursday, he said all matters with the IMF have been resolved smoothly.
The finance minister expressed gratitude to Prime Minister Shehbaz Sharif's team, the IMF negotiating team, and the relevant institutions, for their crucial role in this regard.
The finance minister said these matters will be finalised at the IMF board meeting scheduled this month. He said the reduction in the policy rate will increase investment and business activities in the country.
The finance minister also noted that the rise in economic activities will create job opportunities.
