INTERNEWSTIMES.COM – Pakistan’s Prime Minister Shehbaz Sharif has expressed his gratitude for the International Monetary Fund’s (IMF) decision to approve a $7 billion funding agreement with the country. The agreement, announced on Wednesday, marks a significant step towards stabilizing Pakistan’s struggling economy.
The IMF’s approval of a 37-month loan program for Pakistan was initially granted in July, but the country faced a series of stringent conditions to secure the funds. Sharif, in previous statements, had described these conditions as “strict.”
“We are grateful to the IMF for their support,” said Sharif in a statement released by his office. “This agreement will help us to overcome our current economic challenges and pave the way for a brighter future.”
Sharif acknowledged the crucial role played by China and Saudi Arabia in helping Pakistan meet the IMF’s requirements. Both countries have been key financial partners for Pakistan, providing vital support during its economic crisis.
“We are particularly thankful to our friends in China and Saudi Arabia for their invaluable assistance in this process,” added Sharif.
The $7 billion loan program is expected to be Pakistan’s last, signaling a potential turning point for the country’s economic outlook. The funds will be used to address Pakistan’s pressing financial needs, including bolstering its foreign reserves and stabilizing its currency.
The agreement comes at a time when Pakistan is facing a severe economic crisis, characterized by high inflation, a depreciating currency, and dwindling foreign reserves. The IMF loan is seen as a crucial lifeline for the country, providing much-needed financial relief and a path towards economic stability.
Pakistan’s success in securing the IMF loan is a testament to the country’s commitment to economic reforms and its willingness to work with international institutions to address its challenges. The agreement also highlights the importance of regional partnerships, with China and Saudi Arabia playing a key role in supporting Pakistan’s economic recovery. (Red)
