Ester Perez Luis, the resident representative of the International Monetary Fund (IMF), met with the finance team of the Pakistan Peoples Party (PPP), including Syed Naveed Qamar, the Federal Minister for Commerce, and Saleem Mandviwala. This is an important development for Pakistan’s economy.
The minister’s private compound was the setting for a meeting to explore a potential standby agreement with Pakistan. This arrangement would have far-reaching effects for Pakistan’s economy.
The PPP stated that it would be inclined to back the IMF programme, giving national interests as the reason.
Finance team representative Syed Naveed Qamar said the standby agreement was crucial to resolving Pakistan’s economic issues.
He reaffirmed the PPP’s dedication to coordinating with the IMF to carry out the programme as planned.
Perez told the Express News that the international financial institution is also in talks with PML-N and PTI.
According to Perez, a new standby arrangement agreement will be considered by the IMF Executive Board before the elections in order to realise the program’s goals.
The world bank has announced that it has reached an agreement with Pakistan at the staff level on a $3 billion stand-by arrangement, a decision eagerly awaited by the country, which is on the verge of default.
The arrangement, which is still subject to board approval later this month, was reached with the IMF just hours before the current accord was set to expire. Pakistan, which is experiencing a severe balance of payments problem and declining foreign exchange reserves, will receive substantial relief from this credit, which is essentially a bridge loan.
The agreement will help Pakistan attain economic stability and put the country “on the path of sustainable economic growth, God willing,” according to Prime Minister Shehbaz Sharif.
The meeting between the IMF’s representative and the PPP finance team was welcomed as a move in the right direction for Pakistan’s economy.
