ISLAMABAD: Prime Minister Shehbaz Sharif said that Pakistan would soon receive $2 billion from the International Monetary Fund (IMF). He said that the IMF has combined the 7th and 8th reviews and the amount would be disbursed soon.
Prime Minister Shehbaz Sharif on Tuesday said that Pakistan’s “ultimate goal is self-reliance” in response to news that the country will receive not $1 billion but $2 billion in loans from the International Monetary Fund (IMF).
He was addressing the “Turn Around Pakistan” conference, where he spoke about receiving a text from Finance Minister Miftah Ismail this morning, saying Pakistan will receive $2 billion from the global lender.
The prime minister’s address comes shortly after Minister for Finance Miftah Ismail confirmed Pakistan has received the Memorandum of Economic and Financial Policies (MEFP) from the IMF for the seventh and eighth reviews.
After the announcement of MEFP received from International Monetary Fund (IMF) for the combined 7th and 8th reviews, the Pakistani rupee started showing signs of recovery on Tuesday morning in early trade as it has gained Rs1.19 against the US dollar in the inter-bank market.
In the inter-bank trading, dollar-rupee exchange rate has plummeted to 206.75 at 10am compared to the previous closing of PKR207.94 per USD.
According to the Mettis Global, the government of Pakistan has finally received the Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund (IMF) earlier this morning which is a crucial step to validate that both sides have reached an agreement for the revival of $6 billion programs.
To note, on Friday, the State Bank of Pakistan (SBP) had received a $2.3 billion loan from a Chinese consortium that also improved traders’ sentiments.
Meanwhile, on Monday evening the European countries have also rescheduled their loans given to Pakistan, which would give support to the dwindling foreign exchange reserves and economic revival in the country.
