Islamabad: The International Monetary Fund (IMF) and Pakistani authorities have reached a staff-level agreement on the first review under Pakistan’s Stand-By Arrangement (SBA).
Pending approval from the IMF’s Executive Board, this marks a significant development for Pakistan’s economic stability and growth. Upon approval, Pakistan stands to gain access to $700 million, equivalent to 528 million Special Drawing Rights (SDR), as announced by the IMF.
During discussions in Islamabad, Nathan Porter, leading the IMF team, highlighted the agreement’s significance in supporting Pakistan’s stabilization program. The stabilization policies under the SBA have already laid the groundwork for economic recovery. Key priorities include
- Fiscal consolidation
- Social safety nets
- Energy sector reforms
- Market-driven exchange rates
- Financial sector resilience
- Reforms in the energy sector are the primary focus of the agreement
The IMF team commended Pakistan’s commitment to these reforms and expressed gratitude for the cooperation of Pakistani authorities, development partners, and the private sector.
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