The Prime Minister (PM) Shehbaz Sharif urged all national institutions to work together to free Pakistan from loans on Monday, calling the current International Monetary Fund (IMF) plan a “breather” and a “moment of concern.”
PM Shehbaz hopes current IMF programme last: In his remarks to the federal cabinet meeting today, the prime minister urged all national institutions to work together for at least the next 15 years to address the nation’s economic problems while remaining within the bounds of their individual mandates.
According to PM Shehbaz, the wealthy people must have a vision, come together, work hard, and make sacrifices for the country to be freed from debt. No one can stop Pakistan from making progress, he said, if we choose this road.
“I hope this is the last IMF agreement. However, he added, “This is easier said than done because state-owned companies like Steel Mills, Pakistan International Airlines (PIA), and others are consuming about Rs600 billion annually.
The prime minister mentioned that Pakistan will receive the first installment of the stand-by arrangement, totaling $1.1 billion, in July.
He congratulated every member of his cabinet for their contributions to helping Pakistan reach the $3 billion nine-month stand-by agreement, especially Finance Minister Ishaq Dar and his team, Foreign Minister Bilawal Bhutto Zardari, and IMF Managing Director.
He also praised Saudi Arabia, China, and the United Arab Emirates (UAE) for aiding the country “in difficult economic circumstances.”
The prime minister praised China’s assistance over the previous three months, referring to the extraordinary rollover of $5 billion in loans from commercial and sovereign banks.
If China had not made this rollover, he claimed, the situation would have been different. He said, “The people of Pakistan should never forget this.
The prime minister also expressed gratitude to Saudi Arabia, the United Arab Emirates, and the Islamic Development Bank for their commitments of $2 billion and $1 billion for Pakistan, respectively.
PM Shehbaz Acknowledges Contributions, Cabinet Focuses on Future Development in $3 Billion IMF Agreement
In addition, PM Shehbaz praised Antonio Guterres for his contribution to the IMF accord and offered to play a different role in the process if necessary.
He praised the efforts of Chief of the Army Staff General Asim Munir in particular for his involvement in securing $3 billion in support from Saudi Arabia and the United Arab Emirates, describing it as “teamwork.”
According to PM Shehbaz, the cabinet members should make an attempt to leave behind a policy framework that offers a roadmap and a vision for future development over the final 40 to 42 days of the government’s term.
Following the completion of the staff-level agreement, Pakistan and the International Monetary Fund (IMF) signed a $3 billion staff-level deal last week.
According to available information, the Pakistani government and the IMF held a ceremony in Lahore to sign a $3 billion staff-level agreement.
Key Figures Attend Event as IMF Announces Success of Stand-By Arrangement with Pakistan
At the event were Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar, and Information Minister Marriyum Aurangzeb.
The International Monetary Fund (IMF) announced the success of a “Stand-By Arrangement” between the international money lender and Pakistan.
IMF Mission Chief Nathan Porter and his staff finalized the agreement through virtual dialogue, maintaining constant contact with Pakistani authorities.
This deal will receive final approval from the IMF executive board, which is anticipated to happen in mid-July. Following this permission, Pakistan would be able to borrow $3 billion.