Pakistan’s PM Hails Paris Meeting with IMF MD as “Turning Point” for Nation

Fri Jun 30 2023
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ISLAMABAD: Following the staff-level agreement (SLA) on a stand-by arrangement (SBA) with the global lender, Pakistan’s Prime Minister Shehbaz Sharif on Friday described his meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva in Paris as a “turning point” for the country.

During a press conference in Lahore, PM Shehbaz shared the challenges faced in securing the long-awaited IMF deal with the nation. Flanked by Finance Minister Ishaq Dar, Information Minister Marriyum Aurangzeb, and Punjab Governor Baligh Ur Rehman, the PM expressed his satisfaction with the outcome of his discussions with the IMF chief.

According to PM Shehbaz, he held two meetings with Kristalina Georgieva on the sidelines of the Summit for a New Global Financial Pact in Paris. He emphasized that the IMF MD conveyed their intention to support Pakistan and expressed a desire to avoid default. The PM further revealed that the IMF Executive Board will approve the release of the SBA tranche after their meeting in July.

Pakistan’s PM Acknowledges Allies’ Support in Securing IMD Deal

PM Shehbaz also acknowledged the support received from Sri Lankan President and other coalition government members in securing the IMF deal. He appreciated the collective effort made to ensure Pakistan does not default and thanked Finance Minister Ishaq Dar for his hard work. Additionally, he mentioned Foreign Minister Bilawal Bhutto-Zardari’s appeal to the IMF chief for assistance.

Highlighting the nation’s predicament, the PM called on the Pakistani people to pray that the current SBA is the country’s last IMF program. He stressed that countries do not succeed by taking loans and lamented the sacrifices made by the common man over the past 75 years. PM Shehbaz also expressed gratitude to Chief of Army Staff (COAS) General Asim Munir for securing loans from Saudi Arabia and the United Arab Emirates (UAE). He acknowledged China’s vital role in helping Pakistan avoid default in recent months.

The PM acknowledged the perception of Pakistan as a nation seeking loans and emphasized the need to break free from the cycle of borrowing. He called for relentless efforts to work day and night to overcome the country’s economic challenges.

 

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