Islamabad, 6 July, 2023 (GNP): Prime Minister Shehbaz Sharif stated on Wednesday that there has been a positive indication that the country would get the approval of a $3 billion short-term bailout from the International Monetary Fund (IMF) board when it meets on 12 July and promised to carry out all commitments made to the lender.
He said this while addressing a ceremony in the capital to celebrate 10 years of the China-Pakistan Economic Corridor (CPEC). Shehbaz expressed that the staff-level agreement with the IMF has already been finalized.
However, both sides signed the staff-level deal on Friday after negotiations of eight months.
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Meanwhile, the finance minister said that Pakistan would get a first installment of $1.1 billion but before this, the country required the IMF’s board approval in that matter.
“The agreement will go through, God willing,” the premier said.
The government of Pakistan sent a letter to the IMF a few days ago in which it assured the lender that no further tax amnesty would initiate in the coming nine months.
The Prime Minister further said in an event commemorating the successful 10-year of CPEC that he was thankful to the IMF Managing Director Kristalina Georgieva and her team. He added that this was Pakistan’s opportunity to move towards progress.
PM Shehbaz stressed that the government would accomplish the new IMF progarmme within the required time.
Moreover, he said that the government was responsible to stabilize the country’s financial condition and also to assist it “stand on its feet.” The premier further congratulated the whole nation that Pakistan is no longer under the threat of default.
Shehbaz congratulated the contributors, including Chinese Charge d’Affaires Pang Chunxue, on the completion of a decade since the multibillion-dollar CPEC project started.
Pakistan, China mark 10th anniversary of CPEC with resolve to pursue the project with new vigor
🇨🇳 🤝🏻 🇵🇰@CathayPak @PakinChina_ @PakAmbChina @CMShehbaz@betterpakistan#China #Pakistan #CPEC #CPEC10Y #CPECMakingProgress #10YearsOfCPEChttps://t.co/Apw8YuIshJ
— CPEC Official (@CPEC_Official) July 6, 2023
Also, he stated that the CPEC has played a prime role in modifying the passage of development with the inauguration of several multibillion-dollar projects in Pakistan.
“We completed power plants run by coal, hydel power projects, Orange Line, road infrastructure […] this was a story of hard efforts,” Shehbaz added.
Furthermore, the prime minister said that the Chinese investors had invested $26.4 billion through the CPEC programme over a decade and expected that it would now head toward business-to-business (B2B) development and establish economic zones.