Federal Minister for Finance and Revenue, Dr. Shamshad Akhtar said that Pakistan would get quick disbursement of financial assistance from various multilateral institutions once the first review of the Stand-By Arrangement (SBA) is approved by the International Monetary Fund (IMF) Executive Board next month.
During an interview with a private news channel, she said, Pakistan would not only get $700 million from the fund but the SBA approval would also unlock financial assistance from many other multilateral financial institutions.
She also said that the SBA agreement would go to the IMF Executive Board for approval before the Christmas holidays next month, hoping that on the basis of performance, if it approved the review, it would unlock about $1.5 billion quick disbursing programme, behind which there were many reforms which the government had implemented.
Dr. Shamshad Akhtar further said that the implementation of SBA conditions, the government withdrew import bans to promote the investment environment, eased import licensing, and stabilized the exchange rate, not only with exchange companies reforms but with the support of law enforcement agencies.
She said the grey currency market was fished out and due to these measures, the exchange rate witnessed stability.
She said that since she took over as finance minister, they have done and ensured the successful implementation of comprehensive stabilization measures due to which the economy of the country has somehow been revitalized.
She said that a new documentation law has been prepared, and all institutions under which wholesalers and retailers would provide automatic information. FBR and NADRA would collaborate in developing the big data bank. Chairman Nadra has been appointed as chair of a high-level technical committee for collaboration.
