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US$3b Stand-By Arrangement will strengthen Pakistan’s foreign exchange reserves: PM

US$3b Stand-By Arrangement will strengthen Pakistan’s foreign exchange reserves: PM
June 30, 2023 Web Desk

ISLAMABAD (APP) - Prime Minister Shehbaz Sharif on Friday said that Staff-Level Agreement with the IMF on a nine-month US$3 billion Stand-By Arrangement would help strengthen Pakistan’s foreign exchange reserves and enable the country to achieve economic stability.

“Alhamdulillah, I am pleased to announce that Pakistan has reached a Staff-Level Agreement with the IMF on a nine-month US$3 billion Stand-By Arrangement,” the prime minister wrote on Twitter.

He said the arrangement would help strengthen Pakistan’s foreign exchange reserves, enable Pakistan to achieve economic stability, and put the country on the path of sustainable economic growth.

He appreciated the efforts and hard work of Finance Minister Ishaq Dar and the finance ministry’s team in achieving this outcome.

The prime minister also thanked Managing Director of IMF Kristalina Georgieva and her team for their cooperation and collaboration, especially during the course of last week.