In a recent news, Prime Minister Shehbaz Sharif announced that Pakistan has successfully met the stringent conditions set by the International Monetary Fund (IMF). Speaking during a discussion on the Sustainable Development Goals (SDG) movement in the United States, he expressed his heartfelt thanks to several friendly nations, including China, Saudi Arabia, and the United Arab Emirates.
During his address, PM Shehbaz reflected on the challenges Pakistan faced and acknowledged how critical the support from these countries has been. He emphasized that their assistance was instrumental in helping Pakistan navigate tough financial waters and meet the expectations set by the IMF.
The Prime Minister underscored the collaborative efforts of the Pakistani government and the invaluable backing from these nations, noting that achieving these milestones was no small feat. He expressed gratitude for their friendship, which has helped strengthen Pakistan’s position during a challenging time.
Prime Minister Shehbaz Sharif, while speaking at the 79th session of United Nations General Assembly Session, stated, “[Today] is the IMF board meeting, and we have fulfilled all of their conditions, very tough conditions, but praise be to God, we have completed them. I want to express my heartfelt gratitude once again, to our trusted brother nations, Saudi Arabia, China and the UAE. Without their immense support, this would not have been possible.”
He further stated, “At the final stage, the conditions were related to China, and just like in the past, the Chinese government once again held Pakistan’s hand and offered immense support. I am deeply grateful to the Chinese leadership.”
The Prime Minister also highlighted the alarming financing gap for Sustainable Development Goals (SDGs), which amounts to trillions of dollars. This gap has left countries like Pakistan grappling to secure essential funding for crucial projects. He stressed that without support from wealthier nations, the journey toward achieving these goals would be incredibly difficult.
In addition to economic issues, PM Shehbaz addressed Pakistan’s ongoing fight against terrorism, describing it as one of the nation’s most significant challenges since the events of 9/11. He revealed that around 80,000 Pakistanis have lost their lives due to terrorism fueled by elements from across the border. Furthermore, he noted that the country has incurred an economic loss of approximately $150 billion during its counter-terrorism efforts.
However, it is pertinent to mention here that the $7 billion loan package has been a topic of discussion since May, with a staff-level agreement finally reached in July. However, Pakistan encountered delays in securing the IMF Board’s final approval.
To move forward, the government has had to comply with strict IMF conditions. These include implementing a record Rs1.8 trillion in new taxes and raising electricity prices by up to 51%. These measures reflect the tough economic decisions needed to stabilize the country’s financial situation and gain the necessary support from the IMF.
Pakistan need to overhaul it’s economical structure so that it’s economic indicator grow speedily