ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday pledged to rid the country of the International Monetary Fund (IMF), declaring that the next bailout package will be the last in Pakistan’s history. “The current IMF program will be the last in Pakistan’s history,” the PM vowed while addressing the nation.
The highlight of PM Shehbaz’s address, his first since the launch of the federal budget for fiscal year 2024-25, was his pledge to end Pakistan’s dependence on foreign aid and bailouts. The government is in talks with the IMF for a loan estimated between $6 billion to $8 billion to avert a default for the slow-paced economy.
PM Shehbaz Sharif noted that there were countries that sought IMF assistance once and never needed it again. “We have approached the IMF 24 to 25 times. I assure you today if we adhere to our program and targets, the next IMF agreement will be the last in Pakistan’s history,” he said, expressing optimism that Pakistan would surpass its neighboring countries in terms of stability and self-sufficiency. He urged the nation to work towards progress and prosperity.
The premier also vowed to abolish all institutions, ministries, and departments burdening the national exchequer. “It is the prime obligation of the government to end all the extravagant expenses and shut down institutions that are not serving the public in any way,” he stated. He highlighted the Public Works Department (PWD) as notorious for corruption and proposed its closure to save billions in taxpayer money.
The Prime Minister announced that one of the world’s top companies had been tasked with the complete digitization of the Federal Board of Revenue (FBR) to improve efficiency. He credited the government’s responsible policies for stabilizing the economy, noting that inflation had dropped from 38% to 12% and interest rates on loans had been reduced.
PM Shehbaz promised more measures to provide relief, bring down inflation, expand investments, and create higher education opportunities for the youth. He mentioned plans to train 300,000 Pakistanis in information technology through collaboration with China and to expand IT infrastructure across the country.
In his address, the PM emphasized the need for unity and dedication to overcome obstacles and reclaim Pakistan’s lost glory. He urged narrowing the gap between the rich and the poor and declared an emergency in the education sector. The government aims to boost trade by encouraging private sector investment and selling loss-making institutions to generate resources.
Summing up his address, PM Shehbaz said: “A clear path for the future has been chosen, with no extravagance on public funds and every penny of the nation will be spent on the country’s development.”
