The Pakistan Banks’ Association (PBA) commends the efforts of the Government of
Pakistan and the Ministry of Finance on the successful negotiations to obtain US $7
billion, a 37-month loan from the International Monetary Fund (IMF), and the
unwavering commitment of the Prime Minister of Pakistan, Mian Muhammad Shehbaz
Sharif and the Federal Minister for Finance and Revenue, Senator Muhammad
Aurangzeb towards the implementation of robust policies and reforms leading to
improved macroeconomic indicators and sustainable growth.
PBA acknowledged with satisfaction that in his press conference following the IMF
announcement, the Federal Minister for Finance and Revenue stressed the importance
of implementing much-needed fundamental structural reforms for the current
arrangement with the IMF to be the last funding programme for Pakistan. The Minister
also shared his optimistic view regarding Pakistan’s prospective economic outlook, with
the reforms bringing steady growth in export and foreign exchange reserves, reduced
policy rates and enhanced investor confidence.
PBA is fully supportive of the Finance Minister’s vision that this growth can only be
accelerated on the back of a documented economy, and his emphasis that Pakistan
should embark on a “nuclear war” against the current cash-based economy. The
Association is already working closely with the State Bank of Pakistan (SBP) to foster a
transparent and cashless economy through advancing digitalisation and enhancing
financial inclusion in the country as part of its implementation of priority sector
initiatives.
Commenting on the development, Zafar Masud, Chairman – PBA said, “With the
effective execution of the homegrown plan, the Government of Pakistan will pave the
way for a resilient economic future. PBA stands ready to continue to support the
government in its efforts towards achieving sustainable economic stability and driving
rapid progress.”
