Lagarde Says Pakistan Out of Economic Crisis

Christine Lagarde, Managing Director of International Monetary Fund on Monday congratulated Prime Minister Nawaz Sharif on successfully completing the IMF program, saying the completion reflected positively on the country and viewed as a symbol of credibility and stability.

“It is a fantastic step in your journey that you have achieved a better and solid economic position in a brief period of two years,” the IMF chief told the prime minister, according to a statement issued by the prime minister’s office, APP reported.

Lagarde, who is on her first visit to Pakistan said she was very pleased to be there.

She lauded the prime minister for steering the country out of multiple challenges and achieving macroeconomic stability in a short period of time.

“Pakistan is now in a better fiscal position and certainly out of economic crisis,” she said, according to the statement.

Lagarde said that Pakistan’s economic growth had gradually increased, fiscal deficit had reduced while inflation had continuously declined in the country.

She also appreciated the country’s strengthened social safety nets and tax policy and administration reforms, the statement said.

Sharif appreciated the IMF’s assistance for Pakistan’s economic recovery and macroeconomic stability, saying the government had achieved economic stability by pursuing a comprehensive reforms agenda.

He said the tireless efforts of the government’s economic team had turned around the Pakistani economy in a short span of three years.

“We are successfully delivering on the major challenges of terrorism, economy and power shortages that we inherited from the previous governments”, the prime minister added.

On relations with Afghanistan, the prime minister emphasized that Pakistan was sincere in helping to bring stability to Afghanistan which is also in the interest of Pakistan.