Prime Minister Shehbaz Sharif Vows to End IMF Dependency

Prime Minister Shehbaz Sharif declared that Pakistan’s recently concluded program with the International Monetary Fund (IMF) will be its last. Moreover, the government’s ability to manage debt levels and create a more robust economy will be crucial in determining whether Pakistan can truly move beyond IMF assistance.

In a speech to the nation, Prime Minister Shehbaz Sharif promised that Pakistan’s current deal with the International Monetary Fund (IMF) will be the last. He urged the nation to move towards self-reliance and economic stability without depending on foreign bailouts.

This announcement comes after the successful completion of a 9-month Stand-By Arrangement with the IMF in April 2024, which provided Pakistan with $3 billion in financial assistance. The program focused on fiscal consolidation, exchange rate stability, and structural reforms.

Shehbaz highlighted that the government is working to eliminate unnecessary ministries and departments, which he said have been a financial burden. He claimed this move would save taxpayers billions of rupees. He also criticized the Public Works Department (PWD) for its corruption and high expenses.

The PM shared that in his first 100 days in office, the government has made positive economic changes. Officials cut inflation from 38% to 12% and reduced the interest rate on loans from 22% to 20.5%, aiming to boost investment and business activities.

Shehbaz also announced plans to train 300,000 Pakistanis in information technology with help from China. He stressed the need to bridge the gap between the rich and the poor, improve education, and cut losses in inefficient state institutions.

He reiterated his commitment to the vision of Pakistan’s founder, Quaid-e-Azam Mohammad Ali Jinnah. Moreover. the PM also called on the nation to unite and work towards a prosperous future without wasting public funds.

The Prime Minister stressed the importance of narrowing the gap between the rich and the poor and declared an emergency in the education sector to boost literacy rates. Prime Minister Sharif vowed to ensure every penny is spent on national development, pledging to steer Pakistan towards progress and prosperity.