PM Shehbaz Sharif summons federal cabinet session

ISLAMABAD: Prime Minister Shehbaz Sharif has summoned the federal cabinet session on Monday (tomorrow), citing sources, ARY News reported.

PM Shehbaz Sharif summoned the federal cabinet’s session on Monday in which the participants will review the political and economic situation of the country.

On June 30, PM Sharif said a three billion dollars Stand-By Agreement with the IMF will help in bringing economic stability and growth to the country.

Factbox: What Pakistan needs to do under the IMF programme

Addressing a news conference in Lahore, 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 the 12th of next month.

PM Shehbaz Sharif 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.

READ: Majority of May 9 rioters identified and arrested, federal cabinet told

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

Mentioning the unnecessary impediments in the exploration of Chiniot ore and Reko Diq, the premier 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 the government of PTI late purchased expensive fuel for the country.

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

He said during the last year, the incumbent government signed agreements for the import of wheat, fertilizer and energy at discounted rates which would benefit the country.

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

The premier said that he held two meetings with IMF Managing Director in Paris and made a telephonic call to her to secure the deal.