Prime Minister Pakistan Shahbaz Sharif has said on Friday that Pakistan The IMF The meeting to approve the program will be held on 25th of this month. Saudi ArabiaUAE and China have played a role in this regard.
According to Radio Pakistan, while talking to MPs of Muslim League-Nawaz on Friday, they said that the efforts of the youth are indispensable to save Pakistan from self-sufficiency and debt.
The prime minister said that ‘policy rate and inflation have come down while remittances from Pakistani expatriates and exports of agricultural goods are increasing.’
“All these positive signs show that the economy is moving in the right direction,” he said.
Shahbaz Sharif further said that the meeting of the board of the IMF will be held on the 25th of this month in which the loan program for Pakistan will be approved.
On this occasion, he appreciated the efforts of friendly countries like Saudi Arabia, United Arab Emirates and China for playing a role in the IMF program for Pakistan.
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The Prime Minister wished that ‘the upcoming program will be the last IMF program for Pakistan, but the nation, especially the youth, will have to work hard to achieve this goal.’
He said that ‘the tax net has to be expanded and tax evasion has to be stopped completely.’
A staff-level agreement on a new $7 billion loan program between Pakistan and the International Monetary Fund (IMF) was reached in July this year, after which it has now been approved by the Fund’s Executive Board.
The IMF has said that the executive board meeting will be held on September 25 to discuss issues related to Pakistan’s debt.
In this context, Prime Minister Shehbaz Sharif has said that Pakistan has completed all the conditions of the IMF for the loan and he appreciated the role of friendly countries for this.
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#Saudi #Arabia #UAE #China #contributed #IMF #programme
2024-09-15 00:10:54
– What are the key benefits of the IMF program approved for Pakistan’s economic recovery?
Table of Contents
Pakistan’s Road to Economic Recovery: PM Shahbaz Sharif Announces IMF Program Approval
In a significant development, Prime Minister Shahbaz Sharif of Pakistan has announced that the country is on track to receive approval for a new loan program from the International Monetary Fund (IMF). The IMF’s executive board meeting, scheduled for September 25, is expected to greenlight the program, which will provide Pakistan with a much-needed influx of capital to address its economic challenges.
Efforts of Friendly Countries Applauded
During a meeting with Muslim League-Nawaz MPs on Friday, Prime Minister Sharif praised the efforts of friendly countries, including Saudi Arabia, the United Arab Emirates, and China, for their role in supporting Pakistan’s bid for IMF assistance. He expressed his gratitude for their support, which has been instrumental in securing the loan program.
Economic Indicators Show Positive Trend
The Prime Minister highlighted the positive trends in Pakistan’s economy, citing a decline in policy rates and inflation, as well as an increase in remittances from Pakistani expatriates and exports of agricultural goods. These indicators, he noted, suggest that the economy is moving in the right direction.
Youth’s Role in Achieving Self-Sufficiency
PM Sharif emphasized the importance of the youth’s role in achieving self-sufficiency and reducing Pakistan’s debt burden. He urged the nation, particularly the younger generation, to work hard to achieve this goal, saying that the upcoming IMF program should be the last one for Pakistan.
Tax Reforms Essential
The Prime Minister stressed the need for expanding the tax net and eradicating tax evasion altogether. This, he believes, is crucial for Pakistan’s economic progress and self-sufficiency.
IMF Program: A New Dawn for Pakistan’s Economy
The IMF program, valued at $7 billion, was agreed upon in July this year after Pakistan completed all the necessary conditions. The program aims to support Pakistan’s economic reforms and stabilize its economy. The IMF executive board’s approval on September 25 will mark a significant milestone in Pakistan’s journey towards economic recovery.
Pakistan’s Economic Outlook
Pakistan has been grappling with economic challenges, including a high current account deficit, low foreign exchange reserves, and a heavy debt burden. However, with the IMF program in place, the country is expected to receive a much-needed injection of capital, which will help stabilize its economy and address its balance of payments crisis.
Conclusion
Prime Minister Shahbaz Sharif’s announcement marks a significant step forward for Pakistan’s economy. With the IMF program’s approval, Pakistan is poised to embark on a path of economic recovery, driven by the collective efforts of its government, citizens, and friendly countries. As the Prime Minister aptly put it, the upcoming IMF program should be the last one for Pakistan, and the nation, particularly the youth, must work hard to achieve this goal.
Keywords: Pakistan, IMF, Shahbaz Sharif, Economic Recovery, Loan Program, Saudi Arabia, UAE, China, Youth, Self-Sufficiency, Tax Reforms, Economic Indicators.
Optimized for: Pakistan economy, IMF loan program, Shahbaz Sharif, economic recovery, economic indicators, tax reforms, self-sufficiency, youth empowerment.
What role do Saudi Arabia, UAE, and China play in supporting Pakistan’s IMF program approval?
Pakistan’s Road to Economic Stability: IMF Program Approval and the Roles of Saudi Arabia, UAE, and China
In a significant development, Pakistan’s Prime Minister Shahbaz Sharif has announced that the International Monetary Fund (IMF) is set to approve a loan program for Pakistan on September 25, marking a crucial step towards the country’s economic stability. The program, which has been made possible with the support of friendly countries like Saudi Arabia, United Arab Emirates, and China, is expected to provide a much-needed boost to Pakistan’s economy.
According to Prime Minister Sharif, the IMF’s Executive Board meeting on September 25 will discuss issues related to Pakistan’s debt, following which the loan program will be approved. This development comes as a relief to Pakistan, which has been grappling with economic challenges, including a high fiscal deficit, low foreign exchange reserves, and a struggling economy.
The Importance of the IMF Program
The IMF program is crucial for Pakistan’s economic stability, as it will provide the country with a much-needed financial cushion to address its economic challenges. The program is expected to provide Pakistan with a $7 billion loan, which will help to stabilize the country’s economy, improve its balance of payments, and increase its foreign exchange reserves.
Moreover, the IMF program will also help Pakistan to implement structural reforms aimed at promoting economic growth, reducing poverty, and improving the living standards of its citizens. The program will also provide an opportunity for Pakistan to address its energy crisis, improve its trade balance, and enhance its competitiveness in the global market.
The Roles of Saudi Arabia, UAE, and China
The approval of the IMF program would not have been possible without the support of friendly countries like Saudi Arabia, United Arab Emirates, and China. These countries have played a vital role in facilitating Pakistan’s negotiations with the IMF, and have also provided financial support to Pakistan to help it address its economic challenges.
Saudi Arabia, in particular, has been a key player in supporting Pakistan’s economy, having provided a $3 billion loan to Pakistan in 2018 to help it address its balance of payment issues. The UAE has also provided financial support to Pakistan, including a $3 billion loan in 2019 to help it stabilize its economy.
China, which has been a key partner of Pakistan in the China-Pakistan Economic Corridor (CPEC) project, has also provided significant financial support to Pakistan, including a $2 billion loan in 2020 to help it address its economic challenges.
Benefits of the IMF Program
The approval of the IMF program is expected to have several benefits for Pakistan’s economy, including:
- Stabilization of the Economy: The IMF program will provide Pakistan with a stable source of funding, which will help to stabilize its economy and reduce the risk of economic shocks.
- Improved Balance of Payments: The program will help Pakistan to improve its balance of payments, which will reduce the pressure on its foreign exchange reserves and stabilize the value of the Pakistani rupee.
- Increased Foreign Investment: The IMF program will send a positive signal to foreign investors, which will encourage them to invest in Pakistan and help to promote economic growth.
- Structural Reforms: The program will provide an opportunity for Pakistan to implement structural reforms aimed at promoting economic growth, reducing poverty, and improving the living standards of its citizens.
- Increased Competitiveness: The program will help Pakistan to enhance its competitiveness in the global market, which will increase its exports and reduce its trade deficit.
the approval of the IMF program is a significant development for Pakistan’s economy, and is a testament to the country’s efforts to address its economic challenges. The program will provide Pakistan with a much-needed financial cushion, which will help to stabilize its economy, improve its balance of payments, and increase its foreign exchange reserves. The support of friendly countries like Saudi Arabia, UAE, and China has been crucial in facilitating Pakistan’s negotiations with the IMF, and will continue to play an important role in promoting Pakistan’s economic stability and growth.
