Ahsan Iqbal hails Pakistan’s pact with IMF

ISLAMABAD, July 1 (SABAH): Minister for Planning, Development and Special Initiatives Ahsan Iqbal has hailed the recent staff-level agreement reached between Pakistan and International Monetary Fund (IMF), calling it as good news for Pakistan.

Nine-month Stand-By Arrangement (SBA) amounting to approximately $3 billion was reached due to Prime Minister Mian Muhammad Shehbaz Sharif’s diplomatic efforts, he noted through a statement issued here.

The minister was of the opinion that the agreement would effectively address country’s economic woes, stressing the need for concrete efforts and hardwork to get the national economy free from the reliance on foreign aid.

He also talked about the government’s 5Es Framework, consisting five key pillars including Exports, E-Pakistan, Environment and Climate Change, Energy and Infrastructure, and Equity and Empowerment, to turn around Pakistan and put it on sustainable growth trajectory.

Ahsan Iqbal believed that this framework provided a “permanent solution” to the country’s economic challenges and expressed confidence in Pakistan’s ability to become a one trillion dollar economy by 2035, citing the potential of the country’s youth. He added that the IMF agreement would lead to rupee stability, attract foreign investment and help control inflation in Pakistan.