PM credits Field Marshal Asim Munir for reform implementation amid IMF board approval

Prime Minister Shehbaz Sharif on Tuesday credited newly appointed Chief of Defence Forces (CDF) Field Marshal Syed Asim Munir for playing a “key role” in the implementation of Pakistan’s economic reform agenda, following the International Monetary Fund (IMF) approval of $1.2 billion tranche for Pakistan.

In a statement released by the Prime Minister’s Office, the prime minister noted that the IMF’s satisfaction with Pakistan’s reform progress reflected the “hard work and coordination” of the government’s economic team, led by Finance Minister Muhammad Aurangzeb.

“Field Marshal Syed Asim Munir played a key role in implementing the reform agenda and paving the way for Pakistan’s economic development,” read the statement.

The PM said that the IMF approval indicates that Pakistan is implementing the necessary measures for economic stability and development.

He added that Pakistan’s economic reforms and digitisation efforts have become a global example.

The IMF Executive Board on Monday approved the disbursement of $1.2 billion for Pakistan under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).

The clearance unlocks about $1.2 billion, roughly $1 billion under the EFF and $200 million through the RSF.

Following the Executive Board discussion, Nigel Clarke, Deputy Managing Director and Acting Chair, made the following statement:

“Pakistan’s reform implementation under the EFF arrangement has helped preserve macroeconomic stability in the face of several recent shocks. Real GDP growth has accelerated, inflation expectations have remained anchored, and fiscal and external imbalances have continued to moderate. In the face of an uncertain global environment, Pakistan needs to maintain prudent policies to further entrench macroeconomic stability, while accelerating reforms necessary to achieve stronger, private sector-led, and sustainable medium-term growth.”