ISLAMABAD: The International Monetary Fund (IMF) has released the first $1 billion tranche as part of Pakistan’s bailout package.
IMF Managing Director Kristalina Georgieva previously expressed optimism about Pakistan’s economic progress, stating, “We have good news; we have completed our review for Pakistan. The economy is moving in the right direction, with growth improving and inflation decreasing.”
Speaking to Pakistani journalists, Georgieva congratulated Pakistan for its reform efforts, noting that these reforms have led to positive economic developments. She highlighted that production is increasing, and inflation is on a downward trend, signaling that the economy is heading toward stability.
When asked about the government’s approach, Georgieva pointed out that Pakistan is implementing measures to tax the wealthy while supporting the poor, which she praised as a positive step.
In a statement from the Prime Minister’s Office, Prime Minister Shehbaz Sharif expressed satisfaction with the approval of the $7 billion IMF package. He emphasized the rapid implementation of economic reforms and underscored the importance of maintaining momentum to achieve stability and growth targets.
Following a staff-level agreement in July, discussions were held in August and September, though Pakistan’s program approval had not been part of these initial meetings.
