IMF loan agreement to assist Pakistan stabilise economy: IMF Spokesperson Julie Kozack

WASHINGTON, July 14 (SABAH): International Monetary Fund (IMF) spokesperson has said the Stand-By Arrangement (SBA) for Pakistan comes at a challenging juncture as it aims to stabilise the economy and address the needs of the Pakistani people.

IMF spokesperson Julie Kozack said the programme was aimed at supporting the government’s economic stabilisation plan and policies, with due protection for the most vulnerable, and providing a framework for financing from multilateral and bilateral partners.

She stressed that steadfast policy implementation was critical in the period ahead. “This will be critical for the success of the programme and, of course, ultimately, for aiding and supporting the people of Pakistan,” she added. She went on to say that programme, although short, would ensure that Pakistan’s current balance of payments need was fulfilled.

“As it is a relatively short programme, it provides time for Pakistan to implement policies critical to strengthening its domestic external economic situation, thereby supporting sustainability.

“Resolving Pakistan’s structural challenges will likely require continued reforms over the medium term to underpin the needed economic transformations, to strengthen inclusive growth prospects, and to create an environment conducive to renewed private capital inflows,” she stated.

The spokesperson also assured that the global lender was always standing ready to work with the country and the government in efforts to restore sustainability and economic stability.