LAHORE: Terming the US$3 billion Stand-By Agreement with the IMF result of team efforts, Prime Minister Shehbaz Sharif said on Friday that this will help in bringing economic stability and growth in the country.
“Nations never progress with loans but it was inevitable for the country to go for this agreement with the IMF,” the premier said while talking to media along with Finance Minister Ishaq Dar, Punjab Governor Muhammad Baligh ur Rehman, Information Minister Marriyum Aurangzeb here at Governor’s House.
Prime Minister Shehbaz Sharif on Friday said the staff-level agreement with the International Monitory Fund (IMF) was not a “moment of pride but a moment of reflection”.
The PM said, “Never, forget this, were we forced to take this loan and it is my prayer … that this is the last time Pakistan goes into an IMF programme and we never have to take a loan again,”
Shehbaz praised COAS Asim Munir, Foreign Minister Bilawal Bhutto, Finance Minister Ishaq Dar and his team for making efforts to reach this arrangement.
He expressed his special thanks to friends and partners such as China, Saudi Arabia, United Arab Emirates and Islamic Development Fund for standing by Pakistan at the time of massive economic challenges. He said the IMF Board will accord formal approval in its meeting scheduled to be held on 12th of next month.
The premier said the government is committed to complete this programme but simultaneously we will make efforts to achieve self-sufficiency in future to make it the last one.
During the last three months China helped Pakistan significantly by providing about five billion dollars and saved us from default, he said.
Responding to a question, the Prime Minister said that all projects of CPEC will be executed and expressed resolve that stability will prevail in the country.
“Our foreign policy is in the best interests of the country,” he added.
He said that the elite of the country will have to contribute in the national economy. “If we get opportunity in the next elections then the country will progress as per the aspirations of people,” he said.
Shehbaz said previous government of Pakistan Tehrik-e-Insaaf breached the deal with IMF and shacked credibility of the country. He said the cheapest LNG during COVID-19 times was not signed and government of PTI late purchased expensive fuel for the country. However, he said incumbent government has signed an agreement for LNG import with Azerbaijan at cheaper rate and it will benefit the country. During the last one year, incumbent government signed agreements for import of wheat, fertilizer and energy on discounted rate and benefited the country, he added.
Slamming the PTI for resorting to negative propaganda and conspiracy against the country by portray a picture of dismay about Pakistan at international level, Shehbaz said the PTI tried to bring country on the verge of default by making negative attempts and inflicted heavy economic damage to country.
“We have stabilized the national economy with the efforts of allied parties,” he said.
He claimed that Pakistan was heading towards development in 2018. He said that under the dynamic leadership of former Prime Minister Nawaz Sharif network of roads was developed in the country, load shedding ended and significant progress was made on China Pakistan Economic Corridor. He regretted that one person was imposed on nation through rigging who spoiled the economy of the country.
The premier said that floods damaged the national economy to a great deal.
Talking about May 9 incident, the PM said May 9 will be remembered as black day in the history of the country.
To a query, the premier said economic stability of the country is linked directly with political stability. He said Pakistan will restore its lost economic position.
Answering another question, Shehbaz Sharif said that he is not in favour of restriction on the media and believes in freedom of expression.
He also assured to resolve issues of traders and pensioners.
Moreover, in tweets, the Prime Minister Shehbaz Sharif said this agreement will help to strengthen Pakistan’s foreign exchange reserves and put the country on the path of sustainable economic growth.
He also thanked Managing Director IMF Kristalina Georgieva and her team at the IMF for their cooperation and collaboration, especially during the course of last week.
The PM added that the IMF Stand-by Agreement (SBA) is a much-needed breather, which would help Pakistan achieve economic stability.
Shehbaz said the nations are not built through loans, praying for the new programme to be the last one for Pakistan.
He said an Economic Revival Plan has been worked out under a whole-of-the-government approach, which would focus on unlocking the strategic potential in agriculture, mine and minerals, defence production and information technology. The plan would bring up investments of billions of dollars and create job opportunities for four million people. However, he said it might be a tough journey.
Copyright Business Recorder, 2023
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