IMF loan revival signifies IFIs' trust in Pakistan: Miftah Ismail

July 15, 2022 (MLN): Finance Minister Miftah Ismail on Thursday said that the restoration of the IMF programme signifies international financial institutions' trust in Pakistan's economy, indicating that the country's economy is heading in the right direction.

In an exclusive talk with Radio Pakistan, he said the government took tough decisions during the last three months to prevent bankruptcy and Sri Lanka-like situation in Pakistan.

“We took tough decisions without taking into consideration heavy political cost; and we succeeded in this objective”, he said.

He expressed confidence that credit lines and other loans will also be restored with the revival of the IMF programme. He said the World Bank, Asian Development Bank and other financial institutions stop extending any kind of loan or credit if a country does not have sufficient funds for a three-month import.

He hoped that friendly countries, including Saudi Arabia, the United Arab Emirates and Qatar will come for investment and packages for Pakistan, which will lead to enhance exports.

Replying to a question, the finance minister said the dollar's flight will also slow down with the improvement in Pakistan's economy.

Responding to another question, the Minister said as the oil prices are slashing at the international level; this relief will also be passed on to the people of Pakistan.

To note, yesterday, PM Shehbaz Sharif, in his address to the nation announced a reduction in petrol prices in the backdrop of declining international oil prices, providing relief to the common people.

The finance minister stated that country is facing a challenging environment due to the inaptness witnessed over the last four years.

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