Pakistan PM Shahbaz Sharif: Pakistan’s Prime Minister Shahbaz Sharif has praised China. Said that when Pakistan was facing a financial crisis, it tried to reach an agreement with the International Monetary Fund (IMF) for a loan and at that time China proved to be helpful to us.
The Prime Minister of Pakistan said that China saved Pakistan from defaulting during the bailout deal. The talks related to IMF ended on a positive note. With Pakistan, IMF has got a loan of $ 3 billion for short term. For this, they have entered into an employee-level agreement.
Pakistan will get relief!
Pakistan is already grappling with a serious crisis and falling foreign exchange reserves. In such a situation, it is expected that Pakistan will get a lot of relief from the $3 billion loan from the IMF.
PM Shehbaz Sharif said, the Stand-by Arrangement (SBA) will enable Pakistan to achieve economic stability and take the country on the path of sustainable economic development. In addition, Pakistan’s Finance Minister Ishaq Dar told Reuters that Pakistan would receive formal documents on the deal from the IMF later, which he said he would sign.
Will support policy efforts in the times to come
Pakistan was demanding money from IMF for the last 9 months. Meanwhile, the funding of $3 billion received by Pakistan from the IMF is more than expected. In the year 2019, a $6.5 billion bailout package was discussed between the IMF and Pakistan.
However, on the $3 billion aid to Pakistan, the IMF said, it will support policy efforts in the coming times. Earlier, IMF official Nathan Porter had earlier said that foreign reserves have fallen to a very low level despite the efforts of the authorities to reduce imports and trade deficit.
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