LAHORE: Prime Minister Shehbaz Sharif on Friday (30th of June, 2023) said that the dedicated efforts by all the state institutions to execute the Economic Revival Plan and sacrifice by the elite class were inevitable to ensure that the latest IMF program signed by the government was the last one.
“(With the signing of stand-by agreement) The risk of Pakistan’s default has been averted… This is not a moment of pride but a moment of thought as nations never progress on the basis of loans…This is not a way to live a life,” the prime minister told the media in a press conference.
Accompanied by Finance Minister Ishaq Dar, Information Minister Marriyum Aurangzeb and Punjab Governor Baligh-ur-Rehman, the prime minister said the situation necessitated the sacrifice by the elite class, not the common man who had already lost the purchasing power.
“The people should pray that this is the last IMF loan and Pakistan would not have to go back to IMF again,” he said after he witnessed the signing of the $3 billion stand-by agreement with the IMF.
Citing the success of Turkey and a neighboring country to get rid of IMF loans, the prime minister said Pakistan was rich with immense resources and the potential to progress and overcome economic challenges.
He told the newsmen that the government had recently unveiled an Economic Revival Plan to get rid of loans and stabilze the economy through a “comprehensive” program of enhancing investment in agriculture, mining, information technology and boosting exports.
Mentioning the unnecessary impediments in the exploration of Chiniot ore and Reko Diq, the prime minister said the Economic Revival Plan would help bring in investment from Gulf states to make Pakistan progress.
He said formulated with the collaboration by the government, Chief of Army Staff and provincial governments, the Plan was envisaged to provide around four million jobs.
He said the IMF agreement followed months of negotiations which ended with a positive outcome.
Calling the agreement a major step, the prime minister hoped that the country would start receiving money after the IMF board meeting scheduled for July 12.
He thanked the IMF Managing Director Kristalina Georgieva and her team for showing seriousness, particularly after his meeting in Paris, besides appreciating Finance Minister Ishaq Dar and his team for their untiring efforts to achieve the objective.
About his talks with the IMF chief last week, PM Shehbaz said he apprised her of the government’s success to fulfill all of the Fund’s conditions even at the cost of political capital just to save Pakistan from defaulting.
The IMF MD raised concerns about the external financing gap of $2bn, following which he asked the finance minister to make a “final effort” to address the IMF’s doubts.
He told the media of his subsequent meeting with the Islamic Development Bank head who later committed $1bn in funds for Pakistan.
The prime minister said he again met the IMF chief who reassured him of moving forward together.
He said their meeting in Paris proved to be an “ice-breaking and turning point.”
Lambasting the previous government’s economic performance, the prime minister said till 2018 under Muhammad Nawaz Sharif’s government, Pakistan was progressing which was even recognised by the “worst critics” as the growth rate was at 6.2%.
Besides, the country had joined the fast-developing nations as 20-hour load shedding had come to an end, CPEC was being implemented swiftly and power and road projects were being executed.
Then, he said Imran Niazi was brought to rule through the “worst rigging” who, brutally breached the IMF agreement to hurt Pakistan’s trust and credibility.
The previous government also showed “criminal negligence” by not availing the chance to purchase LNG at $3 during the COVID pandemic.
He said the incumbent government had signed an LNG deal with Azerbaijan on easy terms. The coalition government purchased wheat and fertilizers from the lowest bidders and even got further discounts of billions of rupees.
Amidst all these efforts, a panic was being created to destabilize and defame the country, and even Pakistan was likened to the defaulted Sri Lanka.
Contrary to that, he said Sri Lankan president supported Pakistan before the IMF chief while in Paris.
The prime minister also lauded the Chinese role to save Pakistan from default besides appreciating the support by Saudi Arabia, UAE and the Islamic Development Bank.
APP
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