Shehbaz is relieved after IMF decided to release $1.1bn tranche
Pakistan
Notes SBA remains only second programme in Pakistan’s history after the success under elder Sharif
RIYADH (Dunya News/Web Desk) – Expressing his pleasure after the International Monetary Fund (IMF) released $1.1 billion as a last tranche of the Stand-By Arrangement (SBA), Prime Minister Shehbaz Sharif on Tuesday promised bringing back economic development and prosperity to Pakistan.
Shehbaz, however, made it clear that the true success would only be achieved after making the country free from loan and borrowings.
In a message, the prime minister said transfer of $1.1 billion would help ensuring economic stability, as he referred to the fact that the move will boost the foreign reserves and strengthen the rupee, which is going to reduce the import bill as well.
He reminded the people that the SBA was the only second IMF programme completed by Pakistan after the then PML-N government led by former prime minister Nawaz Sharif had achieved the feat in 2016.
Shehbaz said the SBA deal during the 16-month coalition government before the Feb 8 general elections had played an important role from rescuing Pakistan from the brink of default.
The PML-N made tough decisions for the country’s economic security, which had started bearing fruits as reflected by growing market stability, he opined.
Shehbaz said the government hot another opportunity to improve economy for which they would make maximum efforts.
He praised Finance Minister Muhammad Aurangzeb and his team for successfully dealing with the IMF and thanked Kristalina Georgieva – Washington-based financial institution’s chief – for her extended full support to Pakistan during a crunch.
