Pakistan
IMF’s conditions for revival of stalled program fulfilled, says PM Shehbaz
The Prime Minister Shehbaz Sharif says that the coalition government has been working hard to persuade IMF officials to release a tranche of $1.1 billion.
Lahore: Prime Minister Shehbaz Sharif on Saturday claimed that Pakistan fulfilled all the challenging terms and conditions set by the International Monetary Fund (IMF) for revival of stalled prgoram, saying that the lender now had no justification for delaying the staff-level agreement any further.
PM Shehbaz said that the coalition government had been working hard to persuade IMF officials to release a tranche of $1.1 billion.
He expressed these words while addressing a ceremony held after reviewing the progress on the six-lane overhead bridge of Imamia Colony railways crossing Shahdra N-5.
The prime minister acknowledged that the Pakistani people were suffering from record high inflation, and conceded that the country had no choice but to comply with all of the strict conditions imposed by the IMF in order to secure the long-awaited bailout tranche from the Washington-based lender.
In 2019, Pakistan signed a $6.5 billion bailout agreement with the IMF, but has repeatedly failed to comply with the conditions, resulting in only $3 billion being released thus far.
During his speech, he also criticized former CJP Mian Saqib Nisar.
PM Shehbaz, however, expressed hope that country would be out of all difficulties soon.
He said that there existed economic challenges but the nation would have to decide whether they would live on foreign debts or to stand on its feet through dedication and hard work.
He said the country could move on the path of progress and prosperity after resolving chromic issues of load-shedding and terrorism.
The Prime Minister said that inflation and price hike made the lives of ordinary people difficult, but the coalition government was cognizant of these affects.
He regretted that during the last four years of PTI's tenure, a number of public welfare-oriented projects were stopped, besides putting other vital projects into the cold storage.
He said for the first time in the country's history, about 80 to 100 million people are being benefited from the free flour scheme for which 65 billion rupees have been spent in the month of Ramazan alone.
Prime Minister Shehbaz Sharif urged the nation to adopt austerity measures in every walk of life to meet economic challenges.
Shehbaz Sharif said that the nation witnessed loot and plunder of the national exchequer during PTI's tenure.
He lauded strenuous efforts of Punjab Chief Minister Mohsin Naqvi to accelerate momentum of public welfare projects including distribution of free flour in the province.
He said that Imamia Colony Railways Crossing flyover project would be completed in three months, and the Federal Government will bear this project' costs while Punjab Government is bearing costs of Shahdara Chowk Multi-Layers Flyover.
He said that the Metro Bus Project track will be extended from Shahdarra up to Kala Shah Kaku.