ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif expressed his satisfaction over reaching of Pakistan’s staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan programme.

The prime minister said for the country’s economy, they had taken harsh and difficult decisions and owing to these decisions, positive outcome was being achieved in form of economic stability.

“IMF programme proved vital in steering Pakistan out of financial straits,” quoted the prime minister as saying.

The IMF has agreed to extend $7 billion loan to Pakistan, spanning over a period of 37 months.

The prime minister observed that the new loaning programme would further strengthen the economy of Pakistan, ushering in a new era of economic prosperity and end to foreign loans.

The prime minister thanked the IMF for its support in the difficult times and said that the government was continuing efforts towards strengthening of economy.

He said under IMF programme, steps would be taken for strengthening of the financial and monetary policy besides, broadening of tax net base.

During the previous one year, the country’s foreign reserves had swelled leading to economic stability, he noted.

The prime minister also appreciated efforts of Minister for Finance and Revenue Muhammad Aurangzeb, financial team and the provincial chief ministers.

He also expressed his resolve to stabilize Pakistan and take it to sustainable development, adding that they could achieve success on the day, once they get rid of loans.

The prime minister further underlined the government’s efforts at economic agenda and said these measures were paving ways for putting the country’s economy on strong foundations and for the durable progress and prosperity of the citizens.

The government strictly adhered to the policy reforms and meeting the financial targets and thus supported the low income segments of society, he added.

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“We have stabilized the exchange rate for the economic stability and taken steps for sustainable growth,” he said, adding that now onwards, a journey of progress and prosperity would be completed under these reforms.