Photo courtesy PID
Prime Minister Shehbaz Sharif on Monday confirmed that the government expects to receive the first tranche of a stand-by arrangement with the International Monetary Fund (IMF) within July, while stressing this was a “temporary” relief and no source of pride.
Addressing the federal cabinet in a televised speech, he thanked IMF Managing Director Kristalina Georgieva for her role in securing the nine-month bailout package. The stand-by arrangement had boosted the trust of investors and the business community, he added. “The first instalment from the IMF will be received in July,” he said, adding that China had been helping Pakistan throughout the prevailing economic crunch, as it had done so in the past.
Urging all national institutions to work toward ridding the country of loans and putting it on the course to progress, he said the aim should be to develop 15-year plans to address economic concerns. Ending Pakistan’s reliance on loans, he emphasized, required vision, unity, hard work and sacrifice by the affluent people. “If we opt for this course, no one can stop Pakistan from achieving progress,” he said.
“I pray that this is the last IMF deal. But this is easier said than done,” he said, noting that state-owned enterprises such as the Steel Mills, PIA and others were eating up around Rs. 600 billion annually. He urged cabinet members to utilize the government’s remaining 40 days to enact policies that could be used as a roadmap for future development.
“We are resuming the journey of economic development,” he said, vowing to continue the journey of economic stability and national development. “Under the leadership of Nawaz Sharif, the China-Pakistan Economic Corridor was launched, the economy revived, inflation rate kept at around 4 percent, growth rate was brought down to 6.1%, and the policy rate was kept at 6%. We are coming back again to same journey of development,” he claimed.
The prime minister also praised Chief of Army Staff Gen. Asim Munir for his “key role” in securing $3 billion from Saudi Arabia and the United Arab Emirates. “Army chief Gen. Asim Munir played a key role in bringing $2 billion from Saudi Arabia and $1 billion from the U.A.E.,” he said.
Quran desecration in Sweden
During his speech, Sharif urged Sweden to take “serious action” against the desecration of the holy Quran last week and demanded a proper investigation into the incident “without any interference.” Stressing that both the Pakistani people and government condemned the “disgusting incident” that took place in Sweden, he added: “Unfortunately, this is not the first incident to take place … such heart-wrenching incidents have taken place previously as well. They highlight that Muslims in Sweden, who are a minority, are facing Islamophobia and hatred.”
Remarking that the Pakistani government condemned this narrative of “hatred and discrimination,” he noted that the Organization of Islamic Cooperation had also demanded that the culprit should be “heavily investigated” and such incidents should be prevented in future.
“Pakistan’s government supports the OIC decision and hopes that nothing as such would take place in the future,” he said, adding the Foreign Office would follow up on the matter.
Cabinet decisions
The cabinet, during its meeting, approved in principle legislation to establish the Pakistan Land Port Authority (PLPA) to ensure the timely movement of goods, people, and vehicles across international borders to boost trade and transport logistics. The legislation would now be sent to the Cabinet Committee for Disposal of Legislative Cases after consultation with the commerce ministry.
Lawmakers also approved a bill to monitor and regulate private security services. Among the bill’s salient features is a requirement for a standard uniform for all private guards, as well as their proper training and equipment. The cabinet further approved the Higher Education Commission amendment bill seeking to increase the term of the HEC chairman from two to three years and removing their current status as a federal minister.