ISLAMABAD: Prime Minister Shehbaz Sharif has described recent negotiations with the International Monetary Fund (IMF) as satisfactory, expressing optimism that the necessary conditions for the IMF Board meeting will be met on time. During a recent Federal Cabinet meeting, he informed his colleagues that efforts are underway to secure over $6 billion in external financing to support a $7 billion IMF package. The Prime Minister emphasized the need for Pakistan to eventually move beyond IMF reliance and assured that the government is committed to making this the country’s final IMF program.
The Prime Minister is expected to meet with the IMF Managing Director in New York during the United Nations General Assembly in the third week of September. Meanwhile, the Pakistani delegation, led by Finance Minister Muhammad Aurangzeb, will participate in the IMF-World Bank Annual Meeting in Washington DC from October 21-26, 2024. The delegation is also anticipated to hold bilateral meetings with China, UAE, Turkey, Iran, and Saudi Arabia on the sidelines.
In his Cabinet meeting opening remarks on September 3, 2024, the Prime Minister praised the Finance Minister and his team, as well as the State Bank of Pakistan and other government organizations, for their efforts in reducing inflation to 9.6 percent in August 2024 from 27.4 percent in August 2023. He also commended Cabinet members and government officials for their work towards economic stability, while emphasizing the need to address challenges like circular debt, energy pilferage, smuggling, and tax evasion. The Prime Minister reiterated the government’s commitment to economic growth, revenue generation, job creation, and streamlining government operations.
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