ISLAMABAD, Jul 12 (APP):The International Monetary Fund (IMF) Executive Board on Wednesday approved the Stand-by Agreement (SBA) for US$ 3 billion for Pakistan, according to a short statement shared by the fund on its website.
Federal Minister for Finance and Revenue, Mohammad Ishaq Dar also shared the news about the development.
The new SBA would support the government’s immediate efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.
The new SBA will also create space for social and development spending through improved domestic revenue mobilization and careful spending execution to help address the needs of the Pakistani people.
Steadfast policy implementation is key for Pakistan to overcome its current challenges, including through greater fiscal discipline, a market-determined exchange rate to absorb external pressures, and further progress on reforms, particularly in the energy sector, to promote climate resilience, and to help improve the business climate.
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