ISLAMABAD: Prime Minister Shehbaz Sharif has called for a session of the federal cabinet on Monday to discuss the political and economic situation of the country, according to reports.
On June 30, Sharif expressed his belief that a $3 billion stand-by agreement with the International Monetary Fund (IMF) would bring economic stability and growth to the nation.
Sharif shared that he held two meetings with the managing director of IMF in Paris and had a telephone conversation with her to secure the deal.
He commended Finance Minister Ishaq Dar and his team for their tireless efforts in reaching this agreement, which is set to receive formal approval at an IMF board meeting on the 12th of next month.
Sharif acknowledged that while nations do not progress solely on loans, it was necessary for the country to enter into this agreement with the IMF. He said the parties of the Pakistan Democratic Movement (PDM) would leave the government after the completion of its tenure, with elections to be announced by the Election Commission of Pakistan (ECP).
The prime minister expressed gratitude to China, Saudi Arabia, the United Arab Emirates (UAE), the Islamic Development Bank (IDM), and other nations for their generous support during critical times, highlighting Beijing’s provision of approximately $5 billion in assistance over the past three months, which helped prevent default.
Sharif also mentioned the hurdles faced in the exploration of Chiniot ore and Reko Diq, emphasizing that the Economic Revival Plan would attract investment from Gulf states and contribute to Pakistan’s progress.
Regarding energy matters, he criticised the government of the Pakistan Tehreek-i-Insaf (PTI) for “not signing agreements for the cheapest LNG” during the Covid-19, resulting in the late purchase of expensive fuel for the country.
He highlighted the current government’s agreement with Azerbaijan for cheaper LNG imports, which will benefit the nation, as well as agreements signed in the past year for discounted wheat, fertilizer, and energy imports.
Reflecting on the protests against the arrest of former prime minister Imran Khan on May 9, the prime minister referred to it as a “black day in the country’s history.”
