LOC13:40
10:40 GMT
ISLAMABAD, April 30 (KUNA) -- International Monetary Fund (IMF) approved USD 1.1 billion final tranche for Pakistan under the Stand-By Arrangement.
The IMF's Executive Board allowed for immediate disbursement of the final tranche, bringing total disbursements under the arrangement to about USD three billion, Pakistan and the IMF reached Staff Level Agreement on second and final review for remaining USD 1.1 billion under the Stand-By Arrangement on 20th of March.
Pakistan's determined policy efforts under the 2023 Stand-By Arrangement brought progress in restoring economic stability, and moderate growth returned, external pressures were eased and inflation began to decline, said IMF in a statement.
In a statement issued by Prime Minister of Pakistan Shehbaz Sharif, he expressed satisfaction over the release of the last financial tranche by the International Monetary Fund for Pakistan.
He said this installment worth USD 1.1 billion would bring more economic stability to Pakistan, the agreement with the IMF proved crucial in preventing Pakistan from default during the 16 months of his tenure in the last government.
Prime Minister Sharif said that the tough decisions taken for economic security of Pakistan were yielding positive results now in the form of economic stability, adding that the government was doing its best to improve the economy and bring development to the country.
The Prime Minister expressed the hope that the country would get rid of the debt cycle and enter a prosperous era if we continue to work in the right direction.
He thanked the IMF for supporting Pakistan in difficult times. (end)
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