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New Pakistan PM Shehbaz Sharif orders ‘immediate’ talks with IMF for extended facility for ailing economy
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ISLAMABAD: Pakistan‘s newly-appointed Prime Minister, Shehbaz Sharif, has wasted no time in prioritizing the nation’s economic recovery. The leader has ordered immediate talks with the International Monetary Fund (IMF) for an extended fund facility, emphasizing the urgency to improve the country’s economic state.
Pakistan recently received over USD 700 million as the second tranche from the IMF under the existing USD 3 billion Stand-by Arrangement (SBA), agreed upon in June of the previous year when the nation was facing the risk of default.
The completion of the last USD 6.5 billion IMF bailout package remains pending, and the first task of Prime Minister Shehbaz Sharif’s new government is to engage in discussions with the IMF to secure the final loan tranche of USD 1.2 billion.
Following his swearing-in, the Prime Minister convened a meeting focused on the restoration of the country’s economy. Finance Secretary briefed him on the current economic scenario, leading to the directive to immediately commence talks with the IMF regarding the Extended Fund Facility.
Sharif underscored that the mandate his government received is centered on improving the country’s economy, making it the top priority. He expressed the commitment to work diligently to encourage investment and provide support to the business community.
In efforts to revive the economy, Sharif announced plans to privatize loss-making government-owned enterprises, ensuring they do not burden the nation’s finances. He emphasized the reduction of government size and the consolidation or closure of unnecessary institutions.
The Prime Minister established a committee to formulate a clear strategy for reducing government board members’ perks and directed relevant authorities to prepare an action plan for transitioning power and gas sectors to smart metering, aiming to reduce line losses.
Sharif also urged banks and financial institutions to develop strategies for promoting small and medium enterprises, empowering the youth of the country. He highlighted the importance of strengthening the Special Investment Facilitation Council and ordered tax refunds of Rs 65 billion.
In acknowledging the inevitability of automation for transparency in the Federal Board of Revenue, Sharif emphasized the immediate initiation of work on automating the FBR and other institutions.
Taking over the reins of the cash-strapped country for the second time since 2022, Prime Minister Shehbaz Sharif faces significant economic and security challenges as he charts the course for Pakistan’s future.
Pakistan recently received over USD 700 million as the second tranche from the IMF under the existing USD 3 billion Stand-by Arrangement (SBA), agreed upon in June of the previous year when the nation was facing the risk of default.
The completion of the last USD 6.5 billion IMF bailout package remains pending, and the first task of Prime Minister Shehbaz Sharif’s new government is to engage in discussions with the IMF to secure the final loan tranche of USD 1.2 billion.
Following his swearing-in, the Prime Minister convened a meeting focused on the restoration of the country’s economy. Finance Secretary briefed him on the current economic scenario, leading to the directive to immediately commence talks with the IMF regarding the Extended Fund Facility.
Sharif underscored that the mandate his government received is centered on improving the country’s economy, making it the top priority. He expressed the commitment to work diligently to encourage investment and provide support to the business community.
In efforts to revive the economy, Sharif announced plans to privatize loss-making government-owned enterprises, ensuring they do not burden the nation’s finances. He emphasized the reduction of government size and the consolidation or closure of unnecessary institutions.
The Prime Minister established a committee to formulate a clear strategy for reducing government board members’ perks and directed relevant authorities to prepare an action plan for transitioning power and gas sectors to smart metering, aiming to reduce line losses.
Sharif also urged banks and financial institutions to develop strategies for promoting small and medium enterprises, empowering the youth of the country. He highlighted the importance of strengthening the Special Investment Facilitation Council and ordered tax refunds of Rs 65 billion.
In acknowledging the inevitability of automation for transparency in the Federal Board of Revenue, Sharif emphasized the immediate initiation of work on automating the FBR and other institutions.
Taking over the reins of the cash-strapped country for the second time since 2022, Prime Minister Shehbaz Sharif faces significant economic and security challenges as he charts the course for Pakistan’s future.
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