Prime Minister Shehbaz Sharif on Wednesday expressed satisfaction over the staff-level agreement (SLA) reached between authorities in Islamabad and the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) for funding worth $1.2 billion.
In a statement released by the Prime Minister’s Office (PMO), PM Shehbaz stated that the agreement reflects the improvement in Pakistan’s macroeconomic indicators and demonstrates the IMF’s confidence in the country’s rapidly improving economic situation.
He added that the IMF’s satisfaction with Pakistan’s economic growth momentum and institutional reforms signifies the Fund’s trust in the government’s policies.
The IMF and the Pakistani authorities reached an SLA on the second review under Pakistan’s 37-month EFF and the first review under the 28-month RSF.
“The staff-level agreement is subject to approval by the IMF Executive Board. Upon approval, Pakistan will have access to about $1.0 billion (SDR 760 million) under the EFF and about $200 million (SDR 154 million) under the RSF, bringing total disbursements under the two arrangements to about $3.3 billion,” read a statement released by the IMF on Wednesday, following the conclusion of discussions with the Pakistani authorities.
In his statement, the prime minister praised Finance Minister Muhammad Aurangzeb, the Minister of State for Finance, the Finance Secretary, and their entire team for their work, which led to the successful conclusion of the agreement with the IMF.
“The economy is moving in the right direction,” PM maintained, adding that the government will take all necessary measures for Pakistan’s progress and prosperity.
