ISLAMABAD – International Monetary Fund (IMF) on Thursday announced the disbursement of the first $1 billion from Pakistan’s bailout package.
Managing Director of US based lender Kristalina Georgieva was positive about Pakistan’s economic outlook, stating that a review has been completed and that the economy is improving, with growth on the rise and inflation decreasing.
She congratulated the country on its successful implementation of reforms that have led to positive economic changes, amd noted drop in inflation, suggesting that country of 242 million is on a path to economic stability.
Georgieva further mentioned the government is focusing on taxing the wealthy while providing support to the underprivileged, which she considers a positive initiative.
Prime Minister Shehbaz Sharif and his government members expressed optimism about $7 billion IMF package. The premier highlighted swift progress in implementing economic reforms and stressed the significance of maintaining efforts to achieve stability and growth targets.
After a staff-level agreement reached in July, the executive board meetings were held in August and early September, but the approval of Pakistan’s program was not finalized during these discussions.
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