Pakistan is set to complete the terms of its Shehbaz Sharif’s IMF Vows 2023, which will help stabilize the country’s economy, Prime Minister Shahbaz Sharif vowed on Tuesday. The long-term $6.5bn IMF loan program was approved in March last year and will end in December this year, Sharif said during a meeting of the Cabinet Committee on Economic Affairs. “
We are on track to complete the program by December 2017,” he said. The package provides support for fiscal consolidation and structural reforms aimed at boosting growth, reducing poverty, and improving governance.
Shehbaz Sharif’s IMF Vows 2023
Pakistan is set to complete the terms of its IMF program by the end of 2018, Prime Minister Shahbaz Sharif vowed on Saturday.
“Pakistan will complete the [IMF] program by December 2018,” Sharif said during a meeting with visiting IMF Deputy Managing Director for Asia and Pacific Kaushik Basu.
The economic rescue package, which was approved in 2015 and has been worth $6.7 billion (Rs47,000 crore), is aimed at stabilizing Pakistan’s economy after years of the crisis triggered by low exports and an overvalued currency.
Since the start of the program, Pakistan’s GDP has grown by only 1.3%, while inflation remains high at 10%. The government has also been struggling to reduce budget deficits and meet development goals.
Sharif said that his government is making “steady progress” on these fronts but noted that more work needs to be done. He vowed to continue implementing reforms recommended by the IMF in order to revive growth and create jobs.
PM Shehbaz’s statement
Pakistan’s Prime Minister Shehbaz Sharif has said that the government will complete the terms of an IMF program, pledging to improve governance and economic conditions in the country. Speaking to reporters after a meeting with IMF officials on Saturday, Shehbaz Sharif said that Pakistan is making “good progress” on its reforms agenda and is seeking technical assistance from the IMF to “advance these reforms vigorously.”
The prime minister also praised efforts by his administration to revive the economy following years of stagnation. In January, Pakistan secured a three-year extension of its $6 billion IMF program, which was initially due to expire in March. The program provides financial support for targeted reforms aimed at stabilizing the economy and growth.