Pakistan sanguine about approval of $7bn IMF bailout package on Sept 25
Business
IMF confirms it will have board meeting on Sept 25 to consider Pakistan's loan
PM Shehbaz Sharif says friendly countries have helped Pakistan meet requirements of IMF loan
Pakistan hopes $7 billion 37-month loan programme will be the last
Premier, finance minister hail cut in SBP policy rate at this juncture
ISLAMABAD (Web Desk) - Finance Minister Muhammad Aurangzeb claims that all matters with the International Monetary Fund (IMF) have been resolved smoothly.
In a statement, the minister said Pakistan was moving towards development after achieving economic stability.
The finance minister expressed gratitude for Prime Minister Muhammad Shehbaz Sharif's team, the IMF negotiating team, and other key institutions for their crucial role in making the upcoming IMF deal possible.
He said the matters would be finalised in the IMF Board meeting scheduled to be held on Sept 25.
As for the State Bank of Pakistan's decision of reduction in the policy rate, the minister said it would help increase investment and business activities in the country. The uptick in economic activities would create job opportunities, he added.
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IMF CONFIRMATION
The International Monetary Fund (IMF) board meeting to approve Pakistan's loan programme will be held on Sept 25, says Director Communications Julie Kozack.
Pakistan claims to have fulfilled all the preconditions for the final approval of the International Monetary Fund's $7 billion bailout package. The IMF Executive Board Meeting is likely to be convened on Sept 25.
PM SHEHBAZ SHARIF'S ACKNOWLEDGEMENT
Prime Minister Shehbaz Sharif said on Thursday the friendly countries had helped Pakistan meet requirements necessary to secure a bailout by the IMF.
Islamabad had been working on implementing conditions set by the IMF to complete a $7 billion 37-month loan programme agreed in July last. Pakistan hopes it will be its last agreement.
Also Read: Pakistan meets IMF bailout conditions with help from friendly nations, says PM Shehbaz
Earlier, Prime Minister Shehbaz 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,” the prime minister said in a statement.
