ISLAMABAD – Prime Minister Shehbaz Sharif on Friday thanked International Monetary Fund (IMF) Managing Director Kristalina Georgieva and her team for their cooperation as the global lender reached the staff-level agreement with Pakistan for $3 billion bailout package.
Taking to Twitter, the premier wrote: “Alhamdulillah, I am pleased to announce that Pakistan has reached a Staff-Level Agreement with the IMF on a nine-month US$3 billion Stand-By Arrangement”.
He said the arrangement will help strengthen Pakistan’s foreign exchange reserves, enable the country to achieve economic stability, and put it on the path of sustainable economic growth.
“I would like to appreciate the efforts and hard work of Finance Minister @MIshaqDar50 and his team at the Ministry of Finance for achieving this outcome. I would also like to thank MD IMF @KGeorgieva and her team at the IMF for their cooperation and collaboration, especially during the course of last week,” he concluded.
Earlier in the day, IMF confirmed that it has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of $3 billion.
Islamabad had been scrambling to complete the ninth review to unlock at least $1.1 billion under the lender’s $6.5-billion Extended Fund Facility agreed in 2019 for several months. The programme was set to expire on June 30 (Friday).
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