PM Shehbaz Sharif: Pakistan Committed to Fulfilling IMF Conditions for Final Loan Programme
Prime Minister Shehbaz Sharif announced on Tuesday that his government is actively working to implement the conditions set by the International Monetary Fund (IMF) as part of Pakistan’s loan programme, expressing hope that this will be the country’s last such arrangement.
During a federal cabinet meeting, the Prime Minister stated, “We are fully committed to meeting the IMF’s requirements. The conditions are being carefully implemented, and our case will soon be presented to the IMF Executive Board for approval. God willing, this will mark the beginning of a new chapter, and I sincerely hope it will be our last IMF programme.”
He emphasized the dedication and hard work being put into this effort, acknowledging that while the journey is challenging, it is not impossible.
Prime Minister Sharif also highlighted a positive development in the country’s economic situation, noting that inflation had eased to single digits in August. “The burden of inflation is gradually lessening. The inflation rate has dropped to single digits in August, compared to around 27% in the same month last year,” he said, praising the Ministry of Finance and the State Bank of Pakistan for their efforts.
According to data from the Pakistan Bureau of Statistics (PBS), the consumer price index (CPI) in August rose by 9.6% year-on-year, marking a 34-month low. The Prime Minister reiterated the importance of swiftly moving forward to stabilize and grow the economy.
In July, Pakistan secured an agreement with the IMF for a $7 billion, 37-month loan programme. Prime Minister Sharif had previously stressed the need for Pakistan to undertake a “long and difficult journey” to avoid future reliance on the IMF.
The programme, pending approval from the IMF’s Executive Board, is expected to help Pakistan achieve macroeconomic stability and lay the foundation for stronger, more inclusive, and resilient economic growth. The government has committed to implementing various reforms, including efforts to broaden the country’s tax base, as part of the agreement.
For more updates on business, finance, and technology in Pakistan, follow Dawn Business on Twitter, LinkedIn, Instagram, and Facebook.
