Prime Minister Shehbaz expressed optimism that a deal with the IMF would be signed this month.
Shehbaz claims that the former government was responsible for a deterioration in relations with China, but that things are “improving” now.
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif voiced optimism on Friday that a deal will be reached with the International Monetary Fund (IMF) this month to help the country get out of its current economic mess.
“I am certain that we can overcome these challenges and reach a deal with the IMF this month. Additionally, multilateral institutions will help us.
While speaking during the Green Line Express train service’s opening event at Islamabad’s Margalla Railway Station, the prime minister provided this information.
The government has given up control of the rupee-to-dollar exchange rate, thus the IMF decided to continue talks with Pakistan under the ninth Extended Fund Facility (EFF) review. This decision was made public a day earlier.
Although this significant step indicates that Pakistan is likely to avoid going into international payment default and that its foreign exchange reserves will likely increase, certain of the IMF’s requirements are likely to lead to negative economic growth and hyperinflation.
With no other choices left, the prime minister declared that his administration was prepared to make all the necessary choices to resurrect the $6.5 billion IMF programme.
Outsourcing is the future, according to PM Shehbaz, who spoke at the ceremony today. “The model for the modern world is this. Governments now outsource the management of institutions rather than running them themselves, “Added he.
The government’s institutions and businesses, including steel factories and even the Green Line service previous to its upgrade, were in poor shape, the prime minister noted.
He pointed out that while administrations are constantly changing, Pakistan is fighting to survive. A priority list of imports has been created, with medications and food supplies given top priority due to the low amount of foreign reserves.
Additionally, PM Shehbaz thanked the Chinese leadership for its dedication to advancing the Main Line 1 (ML-1) railway project.
He wishes the project and other Chinese businesses had not been the targets of “baseless claims” of corruption throughout the course of the previous four years, while the government was governed by the PTI.
The premier also mentioned that he was given a warm welcome during his most recent visit to China. He stated, adding that it is not an easy process to repair them, “Relations had deteriorated in the last four years but the ice is melting now.”
He stated, “I am thankful that China is holding Pakistan’s hand even in these trying times.
He did, however, emphasise that Pakistan must focus on working hard, sacrificing, and being selfless in order to stand on its own. How long shall we depend on the help of others, he said in conclusion.
