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Pakistan

IMF has no excuse for delaying revival of loan programme: PM Shehbaz

  • Premier says securing funding from friendly countries was last condition of IMF
Published April 15, 2023

Prime Minister Shehbaz Sharif said on Saturday that Pakistan fulfilled the last condition of the International Monetary Fund (IMF) by securing funding from friendly countries and “now, the global has no excuse” to delay the next tranche of its bailout programme.

Addressing a ceremony in Lahore, he was positive that the government of Pakistan and IMF will sign the staff level agreement soon.

“The last IMF condition was to secure funding from friendly countries and to fulfill it, China came to our aid and rolled over a $2-billion loan,” he said. “Moreover, Saudi Arabia and UAE gave $3 billion funding to Pakistan.”

He lauded the efforts made by Foreign Minister Bilawal Bhutto, Finance Minister Ishaq Dar and Chief of Army Staff (COAS) General Asim Munir for fulfilling this daunting task.

His remarks come just as the IMF said on Saturday that the Fund was looking forward to obtaining the necessary financing assurances as soon as possible to pave the way for successful completion of the 9th Extended Fund Facility (EFF) review, a statement that came after Pakistan secured $3 billion in fresh inflow from Saudi Arabia and the UAE.

IMF chief hopeful of ‘successful’ completion of programme with Pakistan

“We welcome the recent announcement of important financial support to Pakistan from key bilateral partners,” Nathan Porter, IMF Mission Chief to Pakistan, was quoted as saying in a statement to Business Recorder.

“During the meetings between the Pakistani delegation and IMF staff and management, there was agreement on the need to maintain strong policies and secure sufficient financing to support the authorities’ implementation efforts.

“The IMF is supporting these efforts and looks forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th EFF review.”

In his speech on Saturday, PM Shehbaz was of the view that the public of Pakistan should work to end reliance on the IMF.

“If Pakistan manages to end reliance on IMF altogether, it will be a day of celebration for the nation,” he said. “Pakistan was not formed to beg for funding from the world. Our elders did not give sacrifices for this. They did not pay for the country with their blood for this. This is not the Pakistan they wanted.”

He lamented that the government adopted a stalled IMF programme and had to agree to “tough” conditions to revive it.

Admitting that inflation was at a significantly high level in Pakistan, he said that he introduced free wheat scheme in Punjab during Ramazan that benefited 80-100 million people.

“This was the first such initiative in 75 years. The scheme was launched to combat rising inflation and Rs65 billion have been spent on it.”

Moving to development in Punjab, he stated that the pace of work slowed down over the past 4-5 years,

“A lot of development schemes were shelved and stalled projects are being completed now,” he said.

Comments

Comments are closed.

Tulukan Mairandi Apr 15, 2023 05:28pm
Sure. IMF is obligated to you mate. And to the failing and collapsing Pakistani nation.
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Fazeel Siddiqui (Overseas Pakistani) Apr 15, 2023 08:00pm
Someone from lumber one company should tell their beloved PDM head clown that "beggars aren't choosers".
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KU Apr 15, 2023 09:17pm
Yes, they do, IMF has many excuses for not releasing the loan. Today's press release by IMF tells the government to not only give a realistic recovery plan but also to deliver on elections to calm down the political chaos currently ensuing, and that's called in-your-face truth.
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Maqbool Apr 15, 2023 10:28pm
Why can’t everybody keep their mouths shut till after , we hopefully get the Loan . Or we just won’t get it. Remember our support from Saudi, UAE and China is subject to IMF.
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Parvez Apr 15, 2023 11:06pm
Obviously the much touted magic of Mr. Dar has failed.....sorry miserably failed.
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Chawla.i Apr 16, 2023 03:02am
All useless or otherwise we have a 10year minimum economy revival plan enabling to build our nation and by saying so land reforms r d most important
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Chawla.i Apr 16, 2023 03:05am
Today increase in petroleum products prices r d worst decision under present circumstances of our economy... finance minister sahb...Kuch sharam Kuch HAYA
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John Apr 16, 2023 01:39pm
The beggar par excellence!
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