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Islamabad Pakistan

PM Shehbaz Sharif hopeful IMF agreement will be signed this month.

PM Shahbaz hopeful for agreement with IMF.

ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif expressed optimism on Friday for a deal with the International Monetary Fund (IMF) this month that would help the country get out of its present economic bind.

“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.

A day earlier, the IMF announced its decision to continue discussions with Pakistan under the ninth EFF (Extended Fund Facility) review, now that the government has given up control of the rupee-dollar exchange rate.

Although this major development means Pakistan is expected to narrowly escape defaulting on its international payments and its foreign exchange reserves are expected to improve, some of the IMF’s conditions are likely to result in negative economic growth and hyperinflation.

With no other options left, the prime minister has said that his government is ready to take all the necessary decisions required to revive the IMF programme worth $6.5 billion.

In his speech at the ceremony today, PM Shehbaz said that outsourcing is the way forward. “This is the model of today’s world. Today, governments do not run institutions themselves but rather outsource them,” he added.

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.