ANKARA: Pakistan’s Prime Minister Shehbaz Sharif expressed strong optimism about finalizing an IMF deal this month.
In an exclusive interview with Anadolu in Ankara, Sharif said, “We are still very hopeful that the IMF program will materialize. We have met all the terms and conditions of the ninth review, and hopefully, we will receive some good news this month.”
Sharif visited Ankara to attend the inauguration of President Recep Tayyip Erdogan, joining dozens of other heads of state and government at the ceremony.
Since early February, Islamabad has been engaged in negotiations with the IMF to secure the release of $1.1 billion as part of a $6.5 billion bailout package signed in 2019 by the previous government led by Imran Khan.
Approximately $2.7 billion remains to be disbursed from the package, which is set to expire this month.
At the end of May, Sharif reached out to IMF Managing Director Kristalina Georgieva, seeking assistance in revitalizing the stalled facility. However, he also emphasized that Pakistan has a backup plan in place.
“We have fulfilled all the required conditions. I reiterate that every prior action demanded by the IMF has been completed,” Sharif stated.
“While some actions are typically fulfilled after board approval, this time the IMF requested their completion beforehand, and we have met those requirements.”
Regarding contingency plans if the IMF talks fall through, Sharif highlighted the resilience and determination of the Pakistani nation. He affirmed that the people of Pakistan have overcome challenges in the past and are prepared to face them again if necessary.
According to Sharif, Pakistan has encountered various issues since April 2022 when the current government took over after Khan’s removal through a no-trust vote. These issues stem from the policies of the previous government, devastating floods in August, and the problem of inflation.
“In April 2022, Pakistan was on the verge of default due to the previous government’s violation of the IMF agreement, and the economy was in shambles,” Sharif explained.
“Then we faced devastating floods in August 2022. Coupled with that, we are dealing with soaring inflation caused by the international situation.”
Sharif emphasized that his government has managed these challenges in the best possible manner with the support of the people of Pakistan and friendly nations.
Published in PakWeb, June 5th, 2023.
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