PM Shehbaz hopes current IMF programme to be last

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif on Monday called the current International Monetary Fund (IMF) programme a ‘breather’ and a ‘moment of concern’, urging all national institutions to make concerted efforts to rid Pakistan of loans, ARY News reported.

Addressing the federal cabinet meeting today, the prime minister said all national institutions – while keeping in their respective jurisdictions – should make a united efforts for at least next 15 years to address the country’s economic woes.

PM Shehbaz said the country’s deliverance from loans required a vision, unity, hard work and sacrifice by the affluent people. “If we opt this course, no one can stop Pakistan from achieving progress,” he remarked.

“I pray that this is the last IMF deal. But this is easier said than done,” he commented, pointing out that the state-owned enterprises like Steel Mills, Pakistan International Airlines (PIA) and others were eating up around Rs600 billion annually.

The premier noted that Pakistan will receive first tranche of $1.1 billion under the stand-by agreement in July.

He thanked all of his cabinet members, particularly Finance Minister Ishaq Dar and his team, Foreign Minister Bilawal Bhutto Zardari, Managing Director of IMF for their respective roles to make Pakistan achieve the nine-month stand-by agreement of $3 billion.

He also lauded the friendly nations – China, United Arab Emirates (UAE) and Saudi Arabia – for helping the country ‘in difficult economic situation’.

The prime minister spoke highly of Chinese support during last three months by rolling over $5 billion of sovereign and commercial bank loans which were unprecedented.

He said the situation would have been different if China had not made this rollover. The people of Pakistan should never forget this,” he remarked.

Similarly, the prime minister also thanked Saudi Arabia, UAE and Islamic Development Bank for committing $2 billion, and $1 billion each respectively for Pakistan.

PM Shehbaz also thanked the UN Secretary-General Antonio Guterres for his role in the IMF agreement and offering his other role in the process, if needed.

Calling it teamwork, he particularly appreciated the role of Chief of the Army Staff General Asim Munir for his efforts to bring in the support of a total $3 billion from Saudi Arabia and the UAE.

PM Shehbaz said that during the remaining 40-42 days of the government’s term, the cabinet members should make efforts to leave behind a policy framework providing a roadmap and a vision for future development.

Last week, Pakistan signed $3 billion staff-level agreement with the International Monetary Fund (IMF) following the conclusion of staff-level agreement.

As per details, the government of Pakistan and IMF $3 billion staff-level agreement was signed in a ceremony held in Lahore.

Read more: Pakistan signs $3bn staff level agreement with IMF

Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and Information Minister Marriyum Aurangzeb were present at the ceremony

International Monetary Fund (IMF) announced that a “Stand-By Arrangement” between the global money lender with Pakistan has been reached successfully.

IMF Mission Chief Nathan Porter along with his team maintained continuous communication with Pakistani authorities and completed the agreement through virtual negotiation.

The final approval of this agreement will be given by the IMF’s executive board, which is expected to take place in mid-July. After this approval, Pakistan can receive a loan of $3 billion.