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Pakistan has averted default, COAS Asim Munir assures business community

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ISLAMABAD (Republic policy) – Chief of Army Staff (COAS) Gen Asim Munir has assured the business community that Pakistan had averted the default and it would soon witness an economic turnaround.
The army chief met with the country’s top people in business the other day when Finance Minister Ishaq Dar was also present. He said Pakistan would emerge as a prosperous nation as its economy grew.
Sources said the COAS looked satisfied throughout the meeting and hoped that economic challenges would be overcome. Acknowledging the financial crisis in the country, he asked the people in business to remain determined and confident as Pakistan would successfully pass through the trying times.
A meeting participant told on the condition of anonymity that the business community had requested a meeting with the army chief, who had later invited the finance minister to the forum. The business community returned hopeful after the meeting.
Gen Asim Munir and Dar informed the people in business that Pakistan had implemented all prior actions to revive the International Monetary Fund (IMF) loan programme, adding that the agreement would be signed soon.
The global lender had asked for documenting the accords being made with the friendly states for bolstering the national economy, they said, adding that the friendly country would invest in agriculture, mining and IT. Sources said the military and civil leadership had convinced the countries to investment in Pakistan.
Sources said the business community also hoped the army would not allow unrest in the country.
Earlier this week, the IMF suggested approving the weeks-long and debated staff-level agreement (SLA) between Pakistan and the global lender.
Sources said that the SLA could be inked this week as the IMF had expressed confidence over Pakistan’s attempts to meet the conditions imposed by the lender before unlocking the $1.1 billion tranche of the $ 7 billion under the Extended Fund Facility. “The country’s forex reserves had improved after China rolled over a $1.3billion loan to Pakistan, thus helping the country fulfil the last pre-agreement condition imposed by the IMF”, sources added.

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