Prime Minister Shehbaz Sharif said on Saturday that following the staff level agreement (SLA) with the International Monetary Fund (IMF), it was now time for the government “to act speedily and work tirelessly”.
In his address to a meeting at the headquarters of the Federal Board of Revenue (FBR), PM Shehbaz lauded his team for their efforts in reaching the agreement with the IMF.
“We have to work tirelessly to make it the last IMF programme for Pakistan,” he said.
His statement comes after IMF reached an SLA with Pakistan for a $7-billion, 37-month loan programme aimed at cementing stability and inclusive growth.
Key policy points/reforms stressed by IMF in new staff-level agreement
The IMF said the new Extended Fund Facility (EFF) is subject to approval by its Executive Board and obtain “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.”
This would include rollovers or disbursements on loans from Pakistan’s long-time allies Saudi Arabia, the United Arab Emirates and China.
The deal caps negotiations that started in May after Islamabad completed the previous short-term SBA that helped stabilise the economy and avert a sovereign debt default.
Meanwhile, the PM further said that he wanted to assure the nation that Pakistan will soon progress.
While talking about broadening the tax base, the PM said he was ready to comply with whatever the FBR needed in the national and public interest to “collect the last penny”.
He directed the FBR to reevaluate its strategy for enhancing revenue collection in order to help free the country from debt.
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