Prime Minister Shehbaz Sharif said on Friday that the recently-announced International Monetary Fund (IMF) programme would pave way for reforms and restructuring of Pakistan’s economy.

“Hopefully, this programme will be through and a nine-month insurance will be available to Pakistan,” said Shehbaz as he addressed the launch ceremony of the social protection account under the Benazir Income Support Programme (BISP) in Islamabad.

Last week, the IMF announced that its staff and Pakistani authorities reached an agreement on policies to be supported by a $3-billion, nine-month Stand-By Arrangement (SBA).

The new IMF arrangement, seen as a massive positive for the government and the economy reeling from crisis, extends Pakistan’s commitment with the lender well into the second half of fiscal year 2023-24, and is also an upgrade from the earlier expectation that the country would receive $1.1 billion after the ninth review.

However, experts have stressed that authorities need to implement reforms to achieve long-term economic sustainability.

The Washington-based lender’s Executive Board meeting on Pakistan’s SBA has been set for July 12.

“We are very grateful to all our friendly countries which have supported us at this point of time to get through with IMF and sign a staff-level agreement,” PM said.

Meanwhile, the prime minister lauded the role of diplomats and international donors for their contribution towards the BISP.

“The programme has transformed Pakistan society and it will continue in times to come. I think no amount would be sufficient to finance this project.

“However, we also need to ensure that we are not promoting an army of beggars, we are promoting an army of doers who would build Pakistan in times to come.”