Prime Minister Shehbaz Sharif has felicitated the business community and the nation on the unprecedented surge of Pakistan Stock Exchange (PSX) triggered by the loan agreement signed with the IMF, reported 24NewsHD TV channel.

In a statement issued by the PM Office in Islamabad on Monday, the prime minister said as a result of the staff-level agreement and a $3 billion standby arrangement with the International Monetary Fund (IMF), the trust of investors and business community was rapidly reviving.

After Pakistan’s agreement with the IMF, the Pakistan Stock Exchange (PSX) opened with a surge of 5.38%, or 2,231 points on Monday. The PSX benchmark rose to 43,684 points in the opening session.

Shehbaz Sharif said the government’s continued struggle and prudent policies had started bearing fruits as signs of the country’s economic revival were rising. “We are resuming the journey of the economic development and decline in inflation rate from the point where Quaid Muhammad Nawaz Sharif had left,” he added.

“Thanks God, the country has been put on the path of development again,” he said adding that after severe disappointments, a new sun of hope is rising again.

Praying to Allah Almighty for further successes on economic front, the prime minister said the seeds of Pakistan’s development had started taking roots as a result of the government’s sincere efforts, honesty and truth.

He said the government once again had embarked upon Quaid Nawaz Sharif’s vision of construction, development and people’s welfare.

He said just as between 2013 and 2018 the PML-N government succeeded to free Pakistan from energy crisis, terrorism and other problems, brought economic development, it would bring Pakistan on the path of development and prosperity with same spirit.

Shehbaz Sharif vowed to continue the journey of economic stability and national development with the same direction, spirit and struggle. “Under the leadership of Muhammad Nawaz Sharif, just as China Pakistan Economic Corridor (CPEC) was launched, economy revived, inflation rate kept at around 4%, growth rate brought to 6.1% and policy rate was kept at 6%, we are coming back again to same journey of development,” he added.

He said now the development process in all sectors including agriculture, information technology and industry would be expedited. Then, he said the inflation would subside and youth would be empowered by providing them the employment and business opportunities.

IMF loan ‘to boost economic stability and growth’

ISLAMABAD, Jul 03 (APP): Chief Executive Officer Pakistan Furniture Council Mian Kashif Ashfaq on Monday said if implemented effectively, an International Monetary Fund (IMF) program will serve as a catalyst for economic stability, growth, and long-term development.

Chairing a PFC board of directors meeting, he said an IMF bailout package will offer several benefits to Pakistan and its primary benefit is the provision of immediate financial support to address a country’s balance of payment crisis and economic instability, said a press release.

The package provides a substantial infusion of foreign exchange reserves, which can stabilize the currency and prevent a further decline in its value.

“This stability fosters confidence among investors, both domestic and foreign, and helps fortify economic stability.
By implementing economic reforms, such as fiscal consolidation measures, tax reforms, privatization of state-owned enterprises, and improvements in governance, Pakistan can achieve long-term economic stability and sustainable growth”, he added.

He said an IMF bailout signals the international community’s support for the country’s economic policies and can enhance investor confidence. This confidence attracts foreign direct investment (FDI), as investors view the country as more stable and less risky.

He said increased FDI can spur economic growth, create jobs, and enhance productivity in various sectors, contributing to long-term development.

Mian Kashif Ashfaq said the package will also improve a country’s access to other sources of financing, such as multilateral development banks and international capital markets. By demonstrating a commitment to economic reforms and meeting IMF program targets, Pakistan can enhance its creditworthiness and attract additional funding from other sources.