Islamabad [Pakistan], August 31 (ANI): As International Monetary Fund (IMF) approved Pakistan's revival plan to stabilize the country's economy, Prime Minister Shahbaz Sharif has said that it "is not an end in itself".

Prime Minister's remarks come after IMF executive board approved the revival of Pakistan's Extended Fund Facility (EFF) programme on Monday with which the country will receive the 7th and 8th tranche of USD 1.17 billion.

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Taking to Twitter, the Prime Minister said that the revival of the IMF programme is a path to the reorientation of the Pakistani economy.

"Revival of IMF program, though critical to our economy, is not an end in itself. It offers a pathway to reorient our economy. We will have to work hard to make it self-sufficient. Pakistan must break out of the economic straitjacket, which is only possible through structural reforms," he said.

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Finance Minister Miftah Ismail had tweeted, "Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th tranche of $1.17 billion."

"The board's decision allows for an immediate disbursement of SDR 894 million (about USD 1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion," the statement from the IMF board cited by The News International read.

The global lender also approved an increase in the loan size and extended it till June 2023, as per the publication.

According to media reports, Pakistan had managed to secure "loans, financing, deferred oil payments and investment commitments close to USD 12 billion from China, Saudi Arabia, Qatar and UAE. This will help the cash-strapped country to avoid a default for now.

However, such commitments will become available only after the IMF board approves the package, according to American Broadcaster Voice of America (VOA).

Pakistan's economy is broad and deep and its geostrategic position is strong enough for it to avoid default, experts told VOA.

Despite several differences, Washington "still supports the loans through the IMF because a crisis on Afghanistan's border is not something that the US wants to see," said Tamanna Salikuddin, director of South Asia programs at the United States Institute of Peace. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)