All terms met: PM Shehbaz Sharif.
Prime Minister
No obstacle in IMF accord as all requirements met: Prime Minister Shehbaz SharifDespite the country’s ongoing economic woes, Pakistan’s Prime Minister Shehbaz Sharif expressed his optimism that the International Monetary Fund would revive the country’s stalled bailout package.On Friday, Pakistan’s Prime Minister Shehbaz Sharif expressed his optimism that the International Monetary Fund (IMF) would resume the halted bailout programme. Despite the country’s ongoing economic difficulties, Pakistan has already fulfilled all of the IMF’s previous requirements. Shehbaz shared the following announcement with the cabinet just before the session on the budget: “The Ninth Review will be completed soon.
instability in the country
” According to him, the most worrisome contributor to the economy’s degradation is the political instability that has been occurring. Along with the administration, the state institutions came to the conclusion that it was time for the nation to move on to more prosperous times. He stated that if there is not sufficient political stability, no amount of money, not even billions of dollars, will be able to improve the economic condition. “There is a concerted effort to promote political instability in the country,” he added, adding that both local companies and investors from other countries had been discouraged as a result of the political demonstrations that had taken place during the course of the previous year.
IMF programme
Shehbaz reported that his administration had complied with all of the requirements set forth by the IMF; nevertheless, the staff level agreement had not yet been completed. In order to proceed with the process of removing other roadblocks to the budget, he had requested a verbal promise from the head of the IMF. According to what Shehbaz said, “the previous government had abandoned the IMF programme.” In addition to this, he stated that the Pakistan Tehreek-e-Insaf was responsible for the destruction of the economy and that his government had worked very hard over the course of the past 14 months to put things back in order. The Prime Minister voiced his happiness that the current deficit had been reduced to $3.3 billion in just 10 months and expressed his hope that the agricultural industry would expand.
government
He stated that it was a subject of satisfaction that the government had managed to lower the current account deficit down to $3.3 billion despite the fact that there were challenges both from inside the country and from without. He stated that “inflation is high everywhere in the world today,” and he was right. “The challenge that lies before us is to make life easier for ordinary persons.” Shehbaz stated that the administration has discussed the budget with local business owners and exporters before finalizing it. He went on to say that he had arrived at the opinion that Pakistan’s agriculture industry in particular had the potential to deliver the country bigger returns more swiftly.
salaries and pensions
After receiving an education, young men are losing interest in agriculture, according to the prime minister, but the government is planning newer ways to encourage agriculture. He went on to say that this would also have the effect of reducing rural to urban migration. According to what Shehbaz had to say, “We need to look into raising salaries and pensions so that the average man can survive in this economy.” He stated that the government was optimistic about the possibility of signing a new gas contract in order to satisfy Pakistan’s energy requirements. The Prime Minister stated that the country’s economy suffered damages in excess of $30 billion as a direct result of the devastation caused by the floods, which were caused by climate change.
