Prime Minister Shehbaz Sharif expressed satisfaction on Tuesday regarding the $1.1 billion loan tranche disbursed by the International Monetary Fund (IMF) under the $3 billion Stand-By Arrangement (SBA), stating that this financial support would contribute to enhancing economic stability in Pakistan.
The IMF Executive Board completed the second review under the Stand-By Arrangement (SBA) for Pakistan on Monday, resulting in an immediate disbursement of approximately $1.1 billion. This brings the total disbursements under the arrangement to around $3 billion.
An agreement at the Staff Level had been reached between the IMF and Pakistan on March 20, 2024, for the remaining $1.1 billion.
The Prime Minister remarked that the completion of the IMF program during former Prime Minister Nawaz Sharif's tenure in 2016 marked the second SBA nearing its conclusion.
Highlighting the significance of the IMF program in averting economic default for Pakistan, Prime Minister Shehbaz emphasized that the challenging decisions made were now yielding economic stability.
He noted that true success lies not just in acquiring loans but in eliminating them. He expressed optimism that with continued efforts in the right direction, Pakistan would soon achieve economic prosperity and break free from the debt cycle.
Prime Minister Shehbaz commended the finance team and expressed gratitude to the IMF Managing Director for their support during challenging times.
