Prime Minister of Pakistan Shehbaz Sharif vowed to get his country out of foreign debt. He declared that Pakistan would get rid of the International Monetary Fund (IMF), Geo News reported. Presently, the country is going through an economic crisis.
On Monday, while addressing his newly formed 16-member federal cabinet Prime Minister Sharif said, “We will get rid of IMF, InshaAllah”.
PM Shehbaz’s statement comes as the International Monetary Fund prepares to dispatch its mission to Pakistan for discussions on the second review of the USD 3 billion Stand-by Arrangement (SBA) programme.
According to Geo News, a formal invitation is slated to be extended to the IMF soon, with negotiations expected to commence this week. During the negotiations, Pakistan would also simultaneously request a new deal under the 36-month Extended Fund Facility (EFF).
Pakistan “now not seek loans but investments” from friendly countries,” said PM Shehbaz.
He also called for ending subsidies for elites. There “is no justification” for such grants while the poor people are crushed under the burden of inflation, said the PM. Circular debt in the electricity and gas sectors has reached PKR 5 trillion, the premier said.
Inflation – A major problem
PM Shehbaz accepted that climbing inflation is one of the major problems confronting the masses. “Bringing down inflation will be our first test,” he said and added that his government would make all possible efforts to provide relief to the people.
A small number of elites control 90 per cent of Pakistan’s resources, PM Shehbaz said questioning what’s the point of giving subsidies to the elite.