PM Shahbaz wants current IMF programme to be Pakistan’s last

Prime Minister Shahbaz Sharif on Friday urged that the $3 billion staff-level pact signed with the International Monetary Fund (IMF) earlier today should be Pakistan’s last loan program with the Fund.The staff-level agreement is on a $3bn stand-by arrangement, which is subject to approval by the lender’s executive board, the IMF said. The long-awaited decision comes after an eight-month delay and offers some respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves.

Earlier today, Information Minister Marriyum Aurangzeb announced that the premier and the finance minister would address the nation to take them “into confidence” on the IMF deal.In a press conference in Lahore alongside Finance Minister Ishaq Dar, Aurangzeb and Punjab Governor Balighur Rehman, PM Shahbaz offered Eid greetings to the nation and the global Muslim community.”Today, as you all know, our interaction with the IMF which was under way for many months reached a very positive conclusion and you all must have read the IMF statement.

I don’t need to say anything further on it.”Despite that, PM Shahbaz said it was not a “moment of pride but a moment of concern”, questioning whether nations developed on the back of loans.”Never, forget this, we were forced to take this loan and it is my prayer … that this is the last time Pakistan goes into an IMF program and we never have to take a loan again,” he added.

PM Shahbaz said Georgieva had told him about two to three further measures that needed to be taken and he had reassured her not to worry and that he would immediately try to achieve progress in those areas.