PBA welcomes the success of the Government in negotiating for a $7 Billion IMF loan

The Pakistan Banks’ Association has lauded the endeavors of the Government of Pakistan and the Ministry of Finance, which finalised a $7 billion loan from the IMF for 37 months. It also acknowledged the relentless efforts of Prime Minister Mian Muhammad Shehbaz Sharif and Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb in formulating strong policies and reforms to help enhance macroeconomic indicators and promote sustainable growth.

Addressing a press conference immediately after the IMF’s announcement, the federal minister declared that this is as crucial, at least, in implementing these structural reforms so that this funding program is the last for Pakistan. “The structural reforms we are going to implement will help not only in the payment of a huge amount of installment during the next two years but also steer the country’s economy towards steady growth in exports and foreign exchange reserves, lower policy rates, and increased investor confidence,” he said during the press conference.

The PBA fully supports the vision of the finance minister that one can accelerate growth through a documented economy. The association paraphrased his call for concerted effort to seek an end to the current cash-based economy in a “nuclear war.”.

The PBA has already collaborated with State Bank of Pakistan (SBP) on the way for building a transparent and a cashless economy based on further digitization and strengthening financial inclusion as part of its priority sector initiatives. In his comments on the development, Zafar Masud, Chairman of the PBA, noted that “the effective execution of the homegrown plan shall lay the foundation by the Government of Pakistan for a resilient economic future.”. With the PBA, the government will embrace sustainable economic stability and rapid progress.