Prime Minister (PM) Shehbaz Sharif called the current International Monetary Fund (IMF) programme a ‘breather’ and a moment of concern’ on Monday, calling all national institutions to work together to get Pakistan out of debt.
Addressing the federal cabinet meeting today, the prime minister stated that all national institutions, while remaining within their own domains, should work together to address the country’s economic challenges for at least the next 15 years.
PM Shehbaz stated that the country’s freedom from debt needs vision, unity, hard work, and sacrifice on the part of the wealthy. “If we take this path, no one can stop Pakistan from progressing,” he said.
“I hope this is the last IMF deal.” But this is easier said than done,” he said, noting that state-owned firms such as Pakistani Steel Mills, Pakistan International Airlines (PIA), and others consume roughly Rs600 billion per year.
According to prime, Pakistan would get the first tranche of $1.1 billion under the stand-by arrangement in July.
He praised all of his cabinet members, particularly Finance Minister Ishaq Dar and his team, Foreign Minister Bilawal Bhutto Zardari, and IMF Managing Director Christine Lagarde, for their separate efforts in helping Pakistan reach the $3 billion nine-month stand-by agreement.
He also praised friendly nations such as China, the United Arab Emirates (UAE), and Saudi Arabia for assisting the country in its “difficult economic situation.”
The prime minister praised China’s assistance over the last three months, which included the rollover of $5 billion in sovereign and commercial bank loans, which was unprecedented.
He claimed that if China had not made this rollover, the situation would have been different. “The people of Pakistan must never forget,” he said.
Similarly, the prime minister praised Saudi Arabia, the United Arab Emirates, and the Islamic Development Bank for pledging $2 billion and $1 billion, respectively, to Pakistan.
PM Shehbaz also congratulated UN Secretary-General Antonio Guterres for his contribution to the IMF accord and offered to play a different role in the process if necessary.
He praised the role of Chief of the Army Staff General Asim Munir for his efforts to secure $3 billion in funding from Saudi Arabia and the United Arab Emirates.
PM Shehbaz stated that the cabinet members should make efforts during the remaining 40-42 days of the government’s term to leave behind a policy framework that provides a roadmap and a vision for future development.
Following the conclusion of the staff-level agreement, Pakistan signed a $3 billion staff-level deal with the International Monetary Fund (IMF) last week.
According to facts, the government of Pakistan and the IMF signed a $3 billion staff-level agreement in Lahore.
The ceremony was attended by Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar, and Information Minister Marriyum Aurangzeb.
The International Monetary Fund (IMF) announced the successful conclusion of a “Stand-By Arrangement” between the global lender and Pakistan.
IMF Mission Chief Nathan Porter and his colleagues maintained constant contact with Pakistani officials and reached an agreement via virtual dialogue.
The IMF’s executive board will provide final approval to this deal, which is likely to take place in mid-July. Pakistan could receive a $3 billion loan following this decision.
