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Pakistan’s Sharif hails IMF’s aid approval

The IMF said the new programme will require "sound policies and reforms"

Pakistan’s Sharif hails IMF’s aid approval
Shehbaz Sharif speaks at the 77th session of the United Nations General Assembly (UNGA) at U.N. headquarters on September 23, 2022 in New York City. (Photo by Michael M. Santiago/Getty Images)
Pramod Thomas
By Pramod ThomasSep 26, 2024
Pramod Thomas
Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
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PAKISTAN's prime minister Shehbaz Sharif welcomed the International Monetary Fund's decision to approve a $7 billion (£5.74bn) funding agreement for the country, his office said.

Islamabad had been working on implementing conditions that Sharif had previously called "strict" from the IMF to complete the 37-month loan programme agreed to in July, which the country hopes will be its last.

The IMF said the new programme will require "sound policies and reforms" to strengthen macroeconomic stability and address structural challenges alongside "continued strong financial support from Pakistan’s development and bilateral partners."

An immediate disbursement of about $1bn (£820 million) will take place.

Sharif, on the sidelines of the United Nations General Assembly, told Pakistani media this week that Pakistan had fulfilled all of the lender's conditions, with help from China and Saudi Arabia.

"Without their support, this would not have been possible," he said, without elaborating on what assistance Beijing and Riyadh had provided to get the deal over the line.

Rollovers or disbursements of loans from Pakistan's long-time allies, in addition to financing from the IMF, have helped the country meet its external financing needs in the past.

The government had also vowed to increase its tax intake, in line with IMF requirements, despite protests in recent months by retailers and some opposition parties over the new tax scheme and high electricity rates.

Pakistan has been struggling with boom-and-bust economic cycles for decades, leading to 22 IMF bailouts since 1958. Currently the country is the IMF's fifth-largest debtor, owing the Fund $6.28bn (£5.2bn) as of July 11, according to the lender's data.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation, pushing the country to the brink of a sovereign default last summer before an IMF bailout.

Inflation has since eased and credit ratings agency Moody's has upgraded Pakistan's local and foreign currency issuer and senior unsecured debt ratings to 'Caa2' from 'Caa3', citing improving macroeconomic conditions and moderately better government liquidity and external positions.

(Reuters)

business news - pakistan debt - pakistan economy - pakistan news

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