US Secretary of State Antony Blinken has welcomed the International Monetary Fund’s approval of loan program to support Pakistan, saying he stood by the Pakistani people during these hard times.
“We urge Pakistan to continue working with IMF toward macroeconomic reforms and sustainable economic recovery,” he said on microblogging website, Twitter, on Thursday.
We stand by the Pakistani people during these hard times and welcome the International Monetary Fund’s approval of a program to support Pakistan. We urge Pakistan to continue working with @IMFNews toward macroeconomic reforms and sustainable economic recovery.
— Secretary Antony Blinken (@SecBlinken) July 13, 2023
Earlier in the day, Finance Minister Ishaq Dar had said that the IMF has transferred $1.2 billion to the State Bank of Pakistan (SBP).
Dar’s statement comes a day after the IMF Executive Board approved a $3 billion bailout package to save Pakistan from default and put it back on the reforms path – a journey that Islamabad undertook only after friendly countries linked its support with the fund’s deal.
Meanwhile, Prime Minister Shehbaz Sharif said that the approval of Stand-by Agreement of $3 billion by the IMF’s Executive Board is a major step forward in the government’s efforts to stabilize the economy and achieve macroeconomic stability.
He said that it bolsters Pakistan’s economic position to overcome immediate- to medium-term economic challenges, giving next government the fiscal space to chart the way forward.
