The Pakistan Tehreek-e-Insaf (PTI) party has expressed its support for the standby agreement (SBA) between Pakistan and the International Monetary Fund (IMF). The party believes that this agreement will help maintain macroeconomic stability by providing a solid foundation for external financing and implementing sound policies. This comes in anticipation of the national elections scheduled for later this year.
The PTI’s endorsement of the SBA was made public following a meeting between the IMF team and PTI Chairman Imran Khan at his residence in Lahore. The meeting, which lasted over an hour, was attended virtually by IMF Country Chief Nathan Porter from Washington and Resident Representative Esther Perez Ruiz.
The discussions revolved around the staff-level agreement that the IMF has reached with the Government of Pakistan. This agreement involves a 9-month $3 billion standby arrangement. The PTI party expressed its support for the overall objectives and key policies of this agreement.
In their statement, the PTI emphasized the importance of programs aimed at protecting the lower-income segments of the population from high inflation. They believe that the SBA will help preserve macroeconomic stability ahead of the national elections and until a new government is formed.
The PTI also highlighted the significance of political stability and the rule of law for the economic stability of Pakistan. They expressed their hope that after free, fair, and timely elections as per the constitution, a new government mandated by the people will initiate reforms. This new government would then engage on a longer-term basis with multilateral institutions to further economic transformation and promote higher and more inclusive growth.
Imran Khan, the PTI Chairman, is expected to deliver an address regarding this matter. Other members of the PTI team who participated in the meeting include Shah Mehmood Qureshi, Hammad Azhar, Shaukat Tarin, Omer Ayub Khan, Dr Sania Nishtar, Shibli Faraz, Taimur Jhagra, and Muzammil Aslam.
