Terms $3b standby agreement reached with IMF ‘breathing space’
ISLAMABAD
Prime Minister Shehbaz Sharif on Monday said the first tranche of $1.1 billion from the International Monetary Fund (IMF) will be given to the country during the current month of July.
Addressing a meeting of the federal cabinet, the premier said, “Whoever will be voted into power should work on the policy framework. I am hoping that this is the last time we approach the international lender”.
PM Shehbaz praised the finance ministry for finalising the agreement with the IMF. “China has also helped us months before the IMF deal,” he added. He also thanked Saudi Arabia and the United Arab Emirates for committing two billion dollars and one billion dollars respectively.
He said that the Chief of Army Staff General Asim Munir played a crucial role in securing financial assistance from the two Gulf countries. He said that during his visit to France, Islamic Development Bank also committed one billion dollars.
“Saudi Arabia and the United Arab Emirates (UAE) had also promised the country that they would each provide $2 billion and $1 billion, respectively. The COAS has played vital role in this regard,” he remarked.
He said that the US Dollars 3 billion standby agreement reached with the IMF is a breathing space, stressing for converting it into an opportunity through vision, unity and strategy to achieve sustainable development.
The existing government, according to PM Shehbaz, will find solutions to the problems the county had been dealing with for the past 15 months. The premier emphasised the need for political unity, saying, “No matter who would be elected to power.
The country will achieve enormous development if we collaborate for up to 20 years”. PM Shehbaz asked the Swedish government to take strict action against the desecration of the Holy Quran.
Shehbaz Sharif expressed satisfaction over the emergency session of the Organisation of the Islamic Conference (OIC) on the latest act of desecration in Sweden. He said the OIC in its statement has not only demanded action against the perpetrators but also demanded necessary action to avert such spiteful incidents in future.
He said Pakistan fully endorses the OIC’s stance and hoped needful will be done so that such acts do not recur. “We condemn the Sweden’s sacrilege of Holy Quran in strongest words. Those involved in the despicable act should be brought to justice,” the premier concluded.
The premier said the journey to progress was starting again from the point where former premier Nawaz Sharif had left – in a reaction to the unprecedented rally being witnessed at the Pakistan Stock Exchange.
He congratulated the nation and the business community as the country’s main market benchmark KSE-100 Index has so far touched the 43,933.94 mark during Monday’s trading – a huge jump when compared to the previous closing of 41,452.68.
PM Shehbaz remarked that investors and the business community were regaining their confidence, as he described the market sentiment as the sunrise after a period of despair.
“We are following Nawaz Sharif’s vision of development, progress and people’s prosperity,” said the prime minister who stressed the need to continue with the process while showing resolution and untiring efforts,” said PM Shehbaz.
