'Economic progress not possible without ending political instability'

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif on Friday said devastating floods and rains cost $30bln loss to Pakistan, ARY News reported.

He was addressing the members of the federal cabinet which was called to give approval for the Finance Bill 2023-24.

The premier observed that the coalition government inherited an ill economy. After coming into power friendly country China helped Pakistan to address financial issues. China, Saudi Arabia and the United Arab Emirates helped Pakistan and assured the International Monetary Fund (IMF) of the revival of the stalled loan programme.

PM Shehbaz Sharif reiterated that the ninth review with the IMF will be completed during the current month of July as he held an hour-long telephonic conversation with the fund’s chief.

The premier commenting on the political instability in the country said, economic development is not possible without ending political instability.

IMF is not trusting Pakistan due to miscommitments of the former government, he added. The premier admitted that increasing inflation has added to the miseries of the common man.

The current account deficit has been reduced due to the coalition government’s policies, PM Shehbaz Sharif said and added that situation will improve in the coming days.