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IMF Ready To Work With New Government On Economic Stability

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IMF Ready To Work With New Government On Economic Stability

(CTN News) – According to Julie Kozek, Director of Communications at the International Monetary Fund (IMF), she is looking forward to a constructive collaboration with Pakistan’s new government in order to ensure macroeconomic stability.

As part of a recent media briefing, Kozek refrained from discussing the intricacies of Pakistan’s current political landscape, but highlighted the significant approval by the IMF Executive Board on January 11.

As a result of this approval, Pakistan now has access to $1.9 billion under the standby arrangement to support its economic endeavors.

He underscored the program’s dual focus on stabilizing the economy and protecting those most vulnerable to financial shocks, emphasizing the commitment of the international money lender to safeguard vulnerable sectors.

When the interim caretaker government was in place, Kozek commended the Pakistani authorities for their dedication to maintaining economic stability during this period. It is noteworthy that stringent monetary policies were employed to curb inflation and stabilize the exchange rate.

Pakistan seeks a $6 billion loan from the International Monetary Fund (IMF)

A Bloomberg report indicates that Pakistan is preparing to secure a substantial loan from the International Monetary Fund (IMF) to ease the burden of looming debt repayments

According to a Pakistani official, in light of the country’s debt obligations this year, the country plans on negotiating an Extended Fund Facility with the International Monetary Fund. Hopefully, negotiations with the global lender will begin in the coming months, possibly as early as March or April.

The impending expiration of a short-term IMF bailout program, which helped Pakistan avoid default last summer, has created an urgent need for financial assistance. As the program will come to an end next month, the incoming government will need to devise a sustainable, long-term plan for stabilizing the $350-billion economy.

Pakistan had to enact a series of stringent measures prior to the previous bailout, including budget revisions, an increase in benchmark interest rates, and adjustments to electricity and natural gas prices. As a result of these measures, economic imbalances were addressed and fiscal discipline was maintained.

According to the report, the IMF has not yet responded to inquiries regarding the Bloomberg report, and attempts to reach Pakistan’s finance ministry have been unsuccessful.

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