An agreement signed between the International Monetary Fund (IMF) and the Government of Pakistan aims to attract foreign investment.
Talking to the media, Finance Minister Hafeez Shaikh said:
I would like to share that yesterday the IMF and Pakistan reached an important agreement, which will facilitate Pakistan’s investments, exports, and economic growth,
This agreement between IMF and GoP would make Pakistan an attractive destination for international investors and the global capital markets.
It is said that the IMF team led by Ernesto Ramirez Rigo had a virtual meeting with the Pakistani authorities and reached a solid conclusion on the second to fifth reviews of the authorities’ reform program supported by the IMF’s 39-month Extended Fund Facility (EFF) arrangement for SDR 4,268 million (about $6 billion), as uploaded on the IMF website.
The agreement is awaiting the approval of the IMF’s Executive Board. The reviews’ completion would release around $500 million.
The authority issued a statement saying that the package seems an appropriate balance between maintaining the economy, ensuring debt sustainability, and advancing structural reform.
It is said that the COVID-19 crashed Pakistan’s progress temporarily under the EFF-supported program. However, the authorities’ policies and allowing higher than expected COVID-related social spending, have been critical in supporting the economy and saving lives and households.
The finance minister appreciated the present government, saying that the commoner’s economic success is the Prime Minister’s top priority, who also wants to safeguard its assets.
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