PM addresses presser after IMF agreement

Lahore: After the short-term agreement between Pakistan and International Monetary Fund (IMF), Prime Minister Shehbaz Sharif is holding an important press conference.

Along with Prime Minister Shehbaz Sharif, Finance Minister Senator Ishaq Dar, Information Minister Maryam Aurangzeb and Punjab Governor Baligh-ur-Rehman are also present.

Prime Minister said: “It is very important to know the reason for the current economic situation of Pakistan, till 2018 Pakistan was developing but then Pakistan Tehreek-e-Insaf (PTI) chief was imposed through the worst rigging”.

PTI signed a deal with IMF and then broke it. Wheat and sugar were first exported and then imported during that era, he added.

He said that the talks with IMF were going on for several months very seriously, all of the political parties put their capital at stake so that Pakistan does not default.

Shehbaz stated: “Managing Director (MD) IMF said we don't want Pakistan to default, she showed seriousness after the Paris Agreement stating that we want Pakistan to move forward”.

There is a nine-month program of three-billion-dollar, after the July board meeting, Pakistan will start receiving installments from the IMF, said the premier.

Prime Minister continued to say that while Finance Minister Senator Ishaq Dar and his team worked day and night for the agreement with IMF, Foreign Minister Bilawal Bhutto Zardari also did diplomatic efforts and apart from our efforts.

“Chief of Army Staff (COAS) of Pakistan Army General Syed Asim Munir played a very key role in getting loans from Saudi Arabia and UAE, adding that “All this cannot be done by a single person, the agreement with IMF is a result of a team work,” the PM further said.

He said that China played a key role in saving Pakistan from default, provided five billion dollars in commercial loans to China, Saudi Arabia, United Arab Emirates (UAE) and Islamic Development Bank (IDB) also helped Pakistan a lot.

He said that the chances of Pakistan's default were less but if God willing the country would have defaulted, I would not be able to forgive myself. Enemies tried to make Pakistan Sri Lanka.

The prime minister added that the events of May 9 are the link of it. It was a conspiracy to destroy Pakistan. The enemies inside and outside were involved in the conspiracy of May 9.

These people did not want IMF program to take place, Pakistan to destroy and anarchy to prevail in county. May 9 was a great evil, the good thing was that ugly faces came to light, said PM.

This standby agreement of $3 billion between Pakistan and IMF has been agreed according to which the IMF Executive Board will approve the staff level agreement and the Executive Board meeting will be held in mid-July.

The agreement with IMF will reduce the pressure on Pakistan's external payments. It will improve the provision of funds for the social sector, helping to increase tax revenue in Pakistan.