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Pak PM Shehbaz Sharif Vows to End Dependency on Foreign Aid, IMF Bailouts

  • By Thetripurapost Desk, Islamabad
  • Jun 16, 2024
  • 164

Pakistan Prime Minister Shahbaz Sharif vowed to end Pakistan's dependence on foreign aid and International Monetary Fund (IMF) bailouts and catch up with neighbouring countries in economic activity. 

He has outlined a series of bold reforms to reduce cash-strapped government spending and revive the economy. Shahbaz Sharif, while addressing the nation on Saturday, expressed hope that the next agreement with the IMF for the relief package will be the last in the history of Pakistan. 

Sharif said this while addressing the nation on the completion of 100 days of his government. The Pakistan government is currently negotiating with the IMF for a loan of six to eight billion dollars. Pakistan is trying to bring the slowing economy back on track. 

Sharif stressed that every penny will be spent on the progress of the country and its people. He expressed commitment to reduce expenses and provide education and skills to the youth within five years.

Prime Minister Shahbaz Sharif said that 'Insha Allah, this will be the last program of IMF in the history of Pakistan. We will stand on our own feet and will leave our neighboring countries behind in terms of economic development.' 

Sharif took oath as Prime Minister on March 4. Sharif said that 'There are countries in the world, which once took help from IMF and after that they never needed IMF. We have taken help from IMF 24-25 times, but today I assure you that the next agreement with IMF can be the last in the history of Pakistan.' 

Sharif said that 'Now we will talk to the countries of the world about trade and not about taking loans. I think that only in this way Pakistan will be able to come out of the debt trap.' 

Sharif said that some tough decisions will have to be taken for the welfare of the country. Sharif decided to end all those institutions, ministries and other departments, which are a burden on the treasury and are not even engaged in public service. This decision can save billions of rupees of taxpayers.