PM Shehbaz says IMF agreement to bring economic stability in Pakistan

LAHORE: Prime Minister Shehbaz Sharif said three billion dollars Stand-By Agreement with the IMF will help in bringing economic stability and growth in the country, ARY News reported.

Addressing a news conference in Lahore this afternoon, he said Finance Minister Ishaq Dar and his team made tireless efforts to reach this arrangement. He said the IMF Board will accord formal approval in its meeting scheduled to be held on 12th of next month.

The Prime Minister said nations never progress with loans but it was inevitable for the country to go for this agreement with the IMF.

He said the PDM parties will leave the government after the completion of tenure however the election will be announced by the Election Commission of Pakistan (ECP).

Shehbaz Sharif said during the last three months China helped Pakistan significantly by providing about five billion dollars and saved us from default.

He also appreciated Saudi Arabia, UAE, Islamic Development Bank and other friendly countries for their generous help during critical time.

Mentioning the unnecessary impediments in the exploration of Chiniot ore and Reko Diq, the prime minister said the Economic Revival Plan would help bring in investment from Gulf states to make Pakistan progress.

He said the cheapest LNG during COVID-19 times was not signed and government of PTI late purchased expensive fuel for the country.

The Prime Minister said incumbent government has signed an agreement for LNG import with Azerbaijan at cheaper rate and it will benefit the country.

He said during the last one year, incumbent government signed agreements for import of wheat, fertilizer and energy on discounted rate and benefited the country.

Shehbaz Sharif said PTI resorted to negative propaganda and conspiracy against the country and tried to portray a picture of dismay about Pakistan at international level.

He said PTI tried to bring country on the verge of default by making negative attempts and inflicted heavy economic damage to country. He regretted that one person was imposed on nation through rigging who spoiled the economy of the country.

While talking about May 9 incident, he said May 9 will be remembered as black day in the history of the country.

The Prime Minister said that he held a two meeting with IMF Managing Director in Paris and made telephonic call on her to secure the deal.

The Prime Minister said that Pakistan was heading towards development in 2018. He said that under the dynamic leadership of former Prime Minister Nawaz Sharif network of roads was developed in the country, load shedding ended and significant progress was made on China Pakistan Economic Corridor.

He said formulated with the collaboration by the government, Chief of Army Staff and provincial governments, the Plan was envisaged to provide around four million jobs.