PM hails 2% cut in policy rate by State Bank
DNA
ISLAMABAD: The International Monetary Fund (IMF) has finally added Pakistan’s new 37-month Extended Fund Facility (EFF) to the agenda for its Executive Board meetings scheduled for September 25, with Prime Minister Shehbaz Sharif heaping praise on friendly nations for extending all-out support to help Islamabad secure the bailout package.
In a statement issued today, the global lender said its executive board would meet on September 25 to discuss the approval of $7 billion EFF agreement reached with Pakistan. “Islamabad is implementing the terms of the 37-month agreement,” it added.
Islamabad and the global lender reached an agreement on the 37-month loan programme in July. The IMF has said the programme was subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners”.
Islamabad has to secure external financing of $2 billion from bilateral and commercial lenders within the ongoing week.
The International Monetary Fund (IMF) has finally added Pakistan’s new 37-month Extended Fund Facility (EFF) to the agenda for its Executive Board meetings scheduled for September 25, with Prime Minister Shehbaz Sharif heaping praise on friendly nations for extending all-out support to help Islamabad secure the bailout package.
:Prime Minister Shehbaz Sharif on Thursday lauded the announcement by the State Bank of Pakistan to slash the policy rate by 2%, calling it a step to boost investors’ confidence.
“The reduction in the policy rate is welcoming for the national economy. This will help boost investors’ confidence in Pakistan’s economy thus increasing investment,” the prime minister said in a statement issued by the PM Office.
