ISLAMABAD:
Prime Minister Shehbaz Sharif on Friday expressed hope that an agreement will be reached with the International Monetary Fund (IMF) this month, aiding Pakistan through the current economic quagmire.
“I fully expect that an agreement with the IMF will be signed this month and we will get out of these difficulties. And multilateral institutions will also support us.”
The prime minister shared this information while addressing the inauguration ceremony of Green Line Express train service at Margalla Railway Station in Islamabad.
A day earlier, the IMF announced its decision to continue discussions with Pakistan under the ninth EFF (Extended Fund Facility) review, now that the government has given up control of the rupee-dollar exchange rate.
Although this major development means Pakistan is expected to narrowly escape defaulting on its international payments and its foreign exchange reserves are expected to improve, some of the IMF’s conditions are likely to result in negative economic growth and hyperinflation.
With no other options left, the prime minister has said that his government is ready to take all the necessary decisions required to revive the IMF programme worth $6.5 billion.
In his speech at the ceremony today, PM Shehbaz said that outsourcing is the way forward. “This is the model of today’s world. Today, governments do not run institutions themselves but rather outsource them,” he added.
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The prime minister called attention to the poor condition of government institutions and companies including steel mills and even the Green Line service prior to its uplift.
He noted that while governments keep changing, Pakistan is struggling to save itself. Given the low level of foreign reserves, a priority list of imports has been made with medicines and food supplies given a priority.
Further, PM Shehbaz expressed his gratitude to the Chinese government, especially for its commitment to speeding up the Main Line 1 (ML-1) railway project.
He wished the project and other Chinese companies had not been subjected to “baseless accusations” of corruption in the last four years, under the previous PTI-led government.
The premier added that in his recent visit to China, he received a warm welcome. “Relations had deteriorated in the last four years but the ice is melting now,” he said, adding that it is not an easy task to restore them.
“I am grateful that even in these difficult times, China is holding Pakistan’s hand,” he said.
However, he added that Pakistan must stand on its own by focusing on working hard, with selflessness and sacrifice. “After all, how long will we rely on the support of others?” he concluded.
