ISLAMABAD: As Pakistan took a sigh of relief after International Monetary Fund (IMF) approved seventh and eighth reviews of stalled $ 6 billion Pakistan programme, Prime Minister Shehbaz Sharif said development is crucial for stressed economy of Pakistan. But he said that revival of IMF bailout plan is “not an end” to journey in itself.

In a statement issued on Twitter, PM said that revival of IMF programme is a path to reorientation of Pakistani economy. “We will have to work hard to make it self-sufficient. Pakistan must break out of economic straitjacket, which is only possible through structural reforms,” he wrote. “Revival of IMF programme offers a pathway to reorient our economy. We will have to work hard to make it self-sufficient.  In a statement issued by Fund, it announced that executive board completed combined seventh and eighth reviews of “extended arrangement” under Extended Fund Facility for Pakistan.

“Board’s decision allows for an immediate disbursement of SDR 894 million (about $ 1.1 billion), bringing total purchases for budget support under arrangement to about $ 3.9 billion,” statement read. Global lender also approved to increase loan size and extended it till June 2023.

Published in The Daily National Courier, August, 31 2022

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