Prime Minister Shehbaz Sharif has expressed his determination to make the current International Monetary Fund (IMF) program the last one for Pakistan.
"Keep in mind that this should be Pakistan's last IMF program," the prime minister stated while addressing a meeting of the federal cabinet on Tuesday. During the meeting, he PM highlighted the government's commitment to fulfilling IMF conditions in a timely manner and emphasized the importance of continuing reforms to ensure long-term economic stability.
"The case will soon go to the IMF board, and after approval, we will embark on a new journey," he stated, expressing hope that the necessary measures to meet IMF requirements will be achieved in time.
Pakistan’s annual inflation rate has dropped to 9.6% in August, first single-digit figure in nearly 3 years according to Pakistan Bureau of Statistics.
— Shehbaz Sharif (@CMShehbaz) September 3, 2024
This is not an accident! These are results!
My focus is on providing relief to the common man.Our work is not done, and a lot…
"Measures are being taken to meet the conditions of the IMF program," Shehbaz told the meeting, stressing the importance of accelerating the pace of improvements already underway, asserting that Pakistan is gradually moving towards economic recovery.
Prime Minister Shehbaz Sharif assured the public that there is no shortage of resources in the country and that Pakistan has the potential to overcome its challenges. "I am sure we will reach our destination. Nations have transformed their fortunes through hard work," he remarked, acknowledging that the journey is difficult but not impossible.
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Reflecting on the struggles faced by other great nations, the PM noted that significant progress often comes through great adversity. He emphasized the seriousness and determination within the government's efforts to stabilize the economy, underscoring the importance of ending smuggling and eradicating corruption within revenue collection.
Prime Minister Sharif also called for the acceleration of right-sizing and downsizing initiatives within the government to reduce unnecessary expenditures. "Efforts to reduce expenses should be accelerated," the PM stressed.
He urged all relevant authorities to expedite efforts to cut costs and congratulated Finance Minister Ishaq Dar and other officials for their work in managing the economy.
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He also highlighted a positive trend in inflation reduction, with the inflation rate decreasing to 9.6% in August. "The burden of inflation is gradually easing," he said, signaling a gradual improvement in the economic situation.
In conclusion, Prime Minister Shehbaz Sharif emphasized the need to move forward quickly on the path of economic reform, stating, "The journey is long, but with collective effort and determination, we can achieve our goals."
