Shehbaz Sharif pledges to end Pakistan's dependence on foreign aid and IMF bailouts | World News

Sharif stressed that every penny would be spent for the progress of the nation and its people | Photo: X@CMShehbaz

4 min read Last updated: June 16, 2024 | 1:42 p.m. IST

Prime Minister Shehbaz Sharif pledged to end Pakistan's dependence on foreign aid and IMF bailouts and surpass neighboring countries in economic activity, outlining a series bold reforms to reduce spending by the cash-strapped government and revive the economy.

Sharif addressed the nation on Saturday and expressed hope that the upcoming agreement with the International Monetary Fund (IMF) for a bailout package would be the last in Pakistan's history.

The Pakistani government is currently in talks with the IMF for a loan estimated at between $6 billion and $8 billion, as it struggles to avoid a default in a slow-paced economy.

Sharif stressed that every penny would be spent for the progress of the nation and its people.

He expressed his commitment to reducing spending and, within five years, providing education and skills to young people.

Inshallah, this will be the last IMF program in the history of Pakistan. We will stand tall and surpass our neighboring countries in terms of economic activity,” he said in his televised speech.

Sharif was addressing the nation after his government completed 100 days of rule.

Sharif was sworn in on March 4 after forming a coalition with five other parties and beating the odds of jailing former Prime Minister Imran Khan to stage a political comeback.

Sharif said there were countries in the world that asked for IMF assistance once and never needed it again.

“We have contacted the IMF 24-25 times. I assure you today that if we stick to our agenda and goals, the next IMF deal will be the last in Pakistan's history,” he said.

“I have informed foreign nations that I am here for trade relations, not to seek loans. I believe this is how Pakistan will break the debt cycle,” he added.

Sharif stressed the importance of difficult decisions for the good of the nation.

He pledged to abolish all institutions, ministries and other departments that burden the national treasury and have nothing to do with public service, saying this measure alone would save taxpayers billions of dollars and would promote prosperity.

“It is the first obligation of the government to stop all extravagant spending and close institutions that do not serve the public in any way,” he said.

“One such department is the Public Works Department (PWD). It is known as the 'most notorious' in terms of corruption,” the Prime Minister added.

Stating that the government will save on expenses as much as possible and will not create more industries or participate in their management, Sharif said: “Instead, we will work with the private sector.

He warned that the road ahead is not only long and difficult, but also requires sacrifices from government personnel and the working class, but his government is determined to bring about change.

After his government was sworn in on March 4, Sharif claimed that inflation had fallen to 12 percent from 38 percent and interest rates on loans had been reduced to 20.5 percent from 22 percent. hundred before.

In a few months it will bear fruit and I will present the results. This step alone will save millions of rupees. God willing, within a month and a half there will be positive results to share with all of you, Sharif said.

The Prime Minister also highlighted the need to tackle corruption and inefficiency, especially in the Federal Board of Revenue (FBR), which is in the process of 100% digitalization.

“Incompetent people in the FBR were sidelined, and better and more competent people were brought forward,” he said.

Sharif called for a collective effort to achieve these goals.

“Every terrorist, smuggler, power thief and tax evader is an enemy of the economy,” he said.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First published: June 16, 2024 | 1:41 p.m. IST

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