Prime Minister Shehbaz Sharif on Friday said that the International Monetary Fund (IMF) program will open the door for Pakistan’s economy to undergo reform and restructuring.
“Hopefully, this program will be through and a nine-month insurance will be available to Pakistan,” said Shehbaz as he addressed the launch ceremony of the social protection account under the Benazir Income Support Program (BISP) in Islamabad.
The IMF said last week that its staff and the Pakistani government had achieved an understanding on the measures that would be backed by a $3 billion, nine-month Stand-By Arrangement (SBA).
The new IMF agreement, which is viewed as a huge win for the struggling government and economy, extends Pakistan’s commitment to the lender well into the second half of fiscal year 2023–2024 and represents an improvement over the previous projection that the nation would receive $1.1 billion following the ninth review.
However, experts have stressed that authorities need to implement reforms to achieve long-term economic sustainability.
The Washington-based lender’s Executive Board meeting on Pakistan’s SBA has been set for July 12.
“We are very grateful to all our friendly countries which have supported us at this point of time to get through with IMF and sign a staff-level agreement,” PM said.
Meanwhile, the prime minister lauded the role of diplomats and international donors for their contribution towards the BISP.
“The program has transformed Pakistan society and it will continue in times to come. I think no amount would be sufficient to finance this project.
“However, we also need to ensure that we are not promoting an army of beggars, we are promoting an army of doers who would build Pakistan in times to come.”
