Islamabad (Web Desk): Prime Minister Shehbaz Sharif has assured that Pakistan will fully honor the agreement reached with the International Monetary Fund (IMF).
In a telephonic conversation with IMF Managing Director Kristalina Georgieva, the premier said that during a meeting with his economic team, he made it clear that even the slightest violation of the agreement will not be tolerated.
"We are in government till 12th of next month and then caretaker government will assume responsibilities," he said.
PM Shehbaz assured that the caretaker government would continue to honour the agreement.
"If the people elected us after the election, they would turn around the economy with the support of IMF," the premier asserted.
The Prime Minister appreciated the sentiments of the IMF MD for the poor people.
During the conversation Kristalina Georgieva said a strong partnership and mutual trust have now been established between Pakistan and the IMF.
She was confident that Prime Minister Shehbaz Sharif would honor the promises.
Commending the leadership of Shehbaz Sharif, she said Pakistan is an important member of the IMF and we will continue to extend every possible support to it.
IMF MD expressed the desire to stay in close contact with the Prime Minister.
It is pertinent mention that the IMF on Wednesday approved $3 billion a 9-month Stand-By Arrangement (SBA) for Pakistan.
"Today, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program," the IMF said in a statement.
Islamabad signed a short-term IMF deal on June 30 under which the country will receive $3 billion over nine months, subject to approval by the IMF's board.
The Executive Board’s approval allows for an immediate disbursement of SDR894 million (or about US$1.2 billion), the IMF statement read.
The remaining amount will be phased over the programme's duration, subject to two quarterly reviews, it added. The global lender said the SBA was signed at a “challenging economic juncture for Pakistan”.
Later on Thursday, Finance Minister Ishaq Dar on Thursday stated that the IMF has transferred $1.2 billion to the State Bank of Pakistan (SBP).
The statement by the finance minister comes a day after the IMF Executive Board approved the $3 billion bailout package for Pakistan.
