Prime Minister Shehbaz Sharif Wednesday said the International Monetary Fund (IMF) has responded positively to reducing production costs, including duties and energy, and has sought a detailed plan.
Addressing the Federal Cabinet, the prime minister communicated details of his meeting with the IMF Managing Director (MD), Kristalina Georgieva.
“When I talked about the power sector, I told the MD IMF that the industries, exports and economy will only grow if production costs are lowered. Growth will only be possible when our duty structure, and energy decrease,” said PM Shehbaz.
To this, the IMF chief responded very positively, he said, brushing off concerns that the IMF will reject such measures and encouraging Pakistan to submit a comprehensive plan.
PM Shehbaz said he has directed the Deputy Prime Minister (DPM) to develop this plan with provincial consultations before approaching the IMF.
The prime minister also said that during the meeting, Georgieva lauded Pakistan’s economic team for their commitment towards the ongoing programme.
The prime minister shared that DP World “is very keen” to expand its operational portfolio in Pakistan.
On Tuesday, PM Shehbaz met Georgieva on the sidelines of the World Government Summit (WGS) 2025, ahead of the first review of a $7-billion IMF bailout set for early in March.
The meeting focused on Pakistan’s ongoing IMF program and the macroeconomic stability achieved through the government’s comprehensive reform agenda, read a statement released by the Prime Minister’s Office (PMO).
“The discussions highlighted Pakistan’s commitment to implementing structural reforms and maintaining fiscal discipline, which has been instrumental in restoring economic stability and will be critical in driving sustainable growth, going forward.”
Separately, a three-member IMF mission is in Pakistan for an assessment under the Extended Fund EFF programme.
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