LAHORE: Prime Minister Shehbaz Sharif on Saturday asserted that Pakistan has now met all the “stringent” conditions offered by the International Monetary Fund (IMF) and the lender now has staff. There is “no excuse” for delaying the level agreement.
Prime Minister Shehbaz Sharif while addressing the ceremony after inspecting the construction work on the six-lane overhead bridge of Emamiya Colony Railway passing through Shahdra N-5, expressed his regret that the coalition government did not allow the IMF authorities to release the installment. She is trying her best to convince him. $1.1 billion.
Acknowledging people’s concerns over historically high inflation, the prime minister accepted that Pakistan had to meet all the stringent conditions set by the IMF to receive the much-awaited bailout tranche from the Washington-based lender. There is “no choice” but to accept.
Pakistan signed a $6.5 billion bailout package with the IMF in 2019 but has repeatedly reneged on the terms and only $3 billion has been released so far.
A day ago, the United Arab Emirates (UAE) confirmed $1 billion in financial aid to Pakistan, becoming the third country after Saudi Arabia and longtime ally China to come to Pakistan’s aid. Because it needs external financing to fully fund its balance sheet. Disbursements gap for the financial year ended June.
The pledges were one of the IMF’s final requirements before approving a staff-level agreement to release a $1.1 billion tranche, delayed for months, to address the acute balance-of-payments crisis. It is very important for Pakistan to do.
The prime minister said that “there were strict conditions which were not easy for Pakistan to fulfill,” adding that the coalition government had made a lot of efforts in the last one and a half months.
Praising Foreign Minister Bilawal Bhutto Zardari and Finance Minister Ishaq Dar, Prime Minister Shehbaz said federal ministers were making efforts to fulfill the last condition of getting financial guarantees from “key” friendly countries.
The Prime Minister added that Chief of Army Staff General Asim Munir also contributed to these efforts after which Saudi Arabia and the United Arab Emirates promised to provide funds.
He thanked Saudi Arabia and UAE for showing what brotherhood really is.
He said that China had predicted two and a half months ago that Pakistan was facing difficulties and that thrones were being laid to deepen the economic crisis, so it immediately approved the rollover of $2 billion. gave
The prime minister hoped that Pakistan would soon reach a staff-level agreement with the Washington-based lender. However, it is hoped that the country of 220 million will get rid of these chains of the IMF.
‘Pakistan not created to act like beggar’
He added that there are economic challenges but the nation has to decide whether it will depend on foreign loans or stand on its own feet by making a place among the nations with honesty, dedication and hard work.
He said that if the chronic problems related to load shedding are ended, the menace of terrorism ends, free medicines are provided to the poor, road infrastructure can be built, then the country can certainly be on the path of development and prosperity. .
Prime Minister Shehbaz said that Pakistan was not made to run on loans and work like beggars because their forefathers and different generations have made sacrifices for the motherland.
