Hafeez Shaikh assures IMF loan at a lower interest rate than other programmes

ISLAMABAD: Adviser to Prime Minister Imran Khan on Finance, Abdul Hafeez Shaikh said on Saturday that International Monetary Funds (IMF)’s loan programme for Pakistan has a lower interest rate in comparison to other programmes.

During a press conference, with Federal Board of Revenue (FBR) chief Shabbar Zaidi and other federal ministers, Shaikh stated the country’s financial situation had been in shambles when the Pakistan Tehreek-e-Insaf (PTI) government came to power.

He further added that at the start of PTI’s tenure the exports had been on pace of rapid declination whereas the country’s debts had surged to Rs31,000 billion.

Shedding light on the programme Pakistan has obtained through IMF, Shaikh added: “The programme we have obtained has a magnitude of $6bn and is spread over three years. The good thing about it is that the rate of borrowing is much lower than other programmes. The interest rate is 3.2 per cent."

Moreover, he added that through the programme the international community would be getting a good signal from Pakistan for its willingness to making the economy progress in a disciplined manner adding that “people will find incentive to form alliances and partnerships with us".

Furthermore, he stated that the Pakistan Stick Exchange has also been acting out soundly through the passage of times adding that a cost-cutting campaign will also be launched by all institutions in the upcoming budget.