Following the successful staff-level agreement (SLA) with the International Monetary Fund (IMF) on a standby arrangement (SBY), Prime Minister Shehbaz Sharif referred to his meeting with IMF’s Managing Director, Kristalina Georgieva, in Paris as a critical juncture for Pakistan.
In a post-agreement press conference in Lahore, where the SLA was signed, PM Shehbaz detailed the challenges in securing the long-awaited IMF deal. Finance Minister Ishaq Dar, Information Minister Marriyum Aurangzeb, and Punjab Governor Baligh Ur Rehman accompanied him.
Read: Pakistan and IMF Agree on $3 Billion Stand-By Arrangement
The Prime Minister recounted having two interactions with the IMF chief on the fringes of the Summit for a New Global Financial Pact in Paris. Georgieva reassured him of the IMF’s intent to avoid a Pakistani default.
“She stated, ‘We will move forward; you also proceed’,” PM Shehbaz said. He also revealed that the first instalment of the SBA would be received after the IMF Executive Board meeting in July.
PM voiced the gratitude
He acknowledged the Sri Lankan president’s support during the Paris summit, who appealed to the IMF MD to aid Pakistan. He also mentioned that signing the standby agreement averted the risk of Pakistan’s default.
“It’s not a moment of pride, but a moment for reflection. Nations do not thrive on loans,” the Prime Minister said, stressing the collective effort of the coalition government to prevent a default and the importance of teamwork.
He called upon the nation to hope that the SBY would be Pakistan’s last IMF programme. He admitted that while the necessity of loans is unfortunate, the sacrifices of the common man have been crucial for 75 years. He praised China for its pivotal role in saving Pakistan from default in recent months.
PM Shehbaz also thanked General Asim Munir, Chief of Army Staff (COAS), for securing loans from Saudi Arabia and the UAE.
He disclosed that the government recently presented an Economic Revival Plan to eliminate loans and stabilize the economy by increasing investments in agriculture, mining, and IT and boosting exports.
Echoing the PM’s sentiments, Finance Minister Ishaq Dar revealed that their primary focus in the last 10 days was to persuade the IMF. “Pakistan is not a country that defaults. We had a backup plan even without the IMF. Moping over past destruction won’t help,” Dar stated, urging fiscal discipline and living within means.
. Prime Minister Shehbaz Sharif discusses the challenges and triumphs of the negotiation process, calling it a "turning point" for the nation.){kind=link}