ISLAMABAD: The disbursement of US$ 1.1 billion by the International Monetary Fund ( IMF) will help Pakistan achieve greater economic , stability, Prime Minister Shehbaz Sharif said on Tuesday ( Apr 30 ), amid discussions for a new loan programme.
The money came as Pakistan’s third and final$ 3 billion backup agreement with the IMF, which it secured last summer to prevent a royal definition.
According to Sharif,” The distribution will bring more financial stability to Pakistan,” Sharif said in a declaration from his office. He added that the backup arrangement was crucial in preventing the South Asian country from defaulting on its physical obligations.
The last round was approved on Monday by the IMF’s executive panel.
The decision was made a moment after Sharif and IMF Managing Director Kristalina Georgieva discussed a new payment program on the outside of the Riyadh World Economic Forum.
Islamabad wants to sign a bigger, longer-term Extended Fund Facility ( EFF ) deal with the IMF.
By early July, Pakistan’s fund minister Muhammad Aurangzeb predicted that Islamabad may reach a staff level agreement on the new program.