‘This will be last IMF bailout’: Pakistan PM Sharif vows to bring nation’s economy back on track
‘This will be last IMF bailout’: Pakistan PM Sharif vows to bring nation’s economy back on track
NEW DELHI: Pakistan Prime Minister Shehbaz Sharif has vowed to end Pakistan's reliance on foreign aid and IMF bailouts along with surpassing neighboring countries in economic activity. In his televised address to the nation, marking 100 days of his government's rule, Sharif expressed hope that the next IMF deal would be the last in Pakistan's history.
The government is currently negotiating with the IMF for a loan estimated between USD 6 billion to USD 8 billion to prevent a default in the slow-paced economy.
Sharif emphasized his commitment to reducing expenses and providing education and skills to the youth within five years. He said, "Inshallah, this will be the last IMF programme in Pakistan's history. We will stand on our feet and surpass our neighbouring countries in economic activity."
The Pakistan PM highlighted the importance of tough decisions for the nation's sake and vowed to abolish institutions, ministries, and departments that burden the national exchequer and do not serve the public, potentially saving taxpayers billions.
He also warned that the road ahead is long, difficult, and demands sacrifices from both government personnel and people. However, he assured that his government is committed to making a change.
Sharif claimed that since taking office on March 4, inflation has dropped from 38% to 12%, and interest rates on loans have been reduced from 22% to 20.5%. He also emphasized the need to combat corruption and inefficiency, particularly in the Federal Board of Revenue (FBR), which is undergoing 100% digitalization.
"Every terrorist, smuggler, power thief, and tax evader is an enemy of the economy", he said while calling for a collective effort to achieve these goals and expressed belief that Pakistan can break the debt cycle by adhering to the program and targets.
(With agency inputs)
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