The recently appointed Pakistan’s Prime Minister, Shehbaz Sharif has called for “immediate” talks with the IMF over an extended credit facility for his country.
‘My government’s direction is to prioritize repairing the state of the economy’, said Sharif.
Under the terms of the current USD 3 billion Stand-by Arrangement (SBA), which was agreed in June 2023 when Pakistan was heading towards default, Pakistan got USD 700 million in January from the International Monetary Fund (IMF).
Pakistan has not completed the last USD 6.5 billion IMF rescue package. The current new government’s first aim will be to meet with the global lender based in Washington to get the final USD 1.2 billion loan tranche.
Pakistan Muslim League (PML-N) posted on the X (formerly Twitter), ‘A meeting was conducted to discuss the restoration of the country’s economy just hours after Prime Minister Sharif took the oath’.
Notably, the Prime Minister gave the order to proceed ‘immediately’ with the negotiations with the IMF over the Extended Fund Facility. He gave the order to start an action plan to stabilize the economy.
Sharif further said, ‘We have got the direction to enhance the economy of the country and that’s the priority of our government. Our government will work hard to promote investment in the country and provide facilities to the business community.
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