IMF board approves $7 billion bailout package for Pakistan

ISLAMABAD (92 News) - The International Monetary Fund (IMF) executive board late Wednesday approved a $7 billion bailout package for Pakistan.

While approving the package, the IMF board pointed out flaws in the Pakistani policies and also made suggestions to further cement the economic conditions.

The IMF board told Pakistan that a difficult business environment, weak governance, and an oversized role of the state hindered investment.

In a statement, the IMF board said that the three-year programme would require sound policies and reforms to support Pakistan’s ongoing efforts to strengthen its economy and create conditions for a stronger, more inclusive, and resilient growth.

Also Read: Tough conditions’ implementation yields result as Pakistan reaches US$7 billion aid deal with IMF

Earlier, Prime Minister Shehbaz Sharif said Pakistan has fulfilled all the tough conditions of the International Monetary Fund (IMF), adding that some of the IMF conditions were related to China, whose cooperation strengthened Pakistan’s position in negotiations with the IMF.

During a media briefing in New York, the prime minister said that Pakistan’s deal with the IMF was in the final stages. He said that he was grateful to the leadership of China, Saudi Arabia, and the United Arab Emirates (UAE), stating that without their support, the IMF deal would not be possible.

Shahbaz Sharif further said that the government and institutions had accepted the economic challenges, adding that the economic indicators were gradually improving with day and night hard work.