IMF chief says Pak­istan out of eco­nomic cri­sis

Kuwait Times - - BUSINESS -

ISLAMABAD: Pak­istan was praised yes­ter­day by IMF chief Chris­tine La­garde for emerg­ing from an eco­nomic cri­sis and sta­bi­liz­ing its econ­omy, af­ter the coun­try com­pleted its bailout pro­gram.

The IMF re­leased the last in­stal­ment of a $6.6 bil­lion three-year eco­nomic bailout pack­age to Pak­istan last month. La­garde, on her first visit to Pak­istan Mon­day, con­grat­u­lated Prime Min­is­ter Nawaz Sharif “on suc­cess­fully com­plet­ing the IMF pro­gramme which has helped Pak­istan re­store its macroe­co­nomic sta­bil­ity”, ac­cord­ing to a state­ment from Sharif’s of­fice.

“It is a fan­tas­tic step in your jour­ney that you have achieved a bet­ter and solid eco­nomic po­si­tion in a brief pe­riod of two years,” La­garde said, ac­cord­ing to the state­ment.

La­garde added the com­ple­tion of IMF pro­gram re­flected “very pos­i­tively” on Pak­istan and the coun­try is “cer­tainly out of eco­nomic cri­sis”. La­garde noted that eco­nomic growth has grad­u­ally in­creased, the fis­cal deficit has re­duced while in­fla­tion has con­tin­u­ously de­clined in Pak­istan.

“She also ap­pre­ci­ated the coun­try’s strength­ened so­cial safety nets and tax pol­icy and ad­min­is­tra­tion re­forms,” the state­ment said. In an ar­ti­cle pub­lished in Pak­istan’s daily The News, La­garde wrote that the coun­try had em­barked on an im­por­tant trans­for­ma­tion to join the ranks of emerg­ing mar­ket economies.

“Its three-year eco­nomic re­form pro­gram, which the IMF sup­ported, has de­liv­ered sig­nif­i­cant gains,” she wrote. “The econ­omy is now more re­silient, and fur­ther steps have been set in mo­tion to sup­port higher, pri­vate sec­tor-led, and in­clu­sive growth.” —AFP

LA­HORE: Pak­istani shop­pers and ven­dors gather at a fruit mar­ket in La­hore yes­ter­day. —AFP

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