All conditions met, no hurdle left in striking deal with IMF: Shehbaz Sharif

Amid financial instability in Pakistan, Prime Minister Shehbaz Sharif expressed his optimism that Pakistan, which has fulfilled “all the preconditions” of the IMF, will still be able to sign a staff-level agreement with the global lender to revive the stalled bailout programme for the cash-strapped country.

Sharif’s remarks came as many believe that Pakistan’s chances for the revival of the current USD 6.5 billion IMF programme have almost diminished before it expires on June 30. Out of the USD 6.5 billion package, the IMF has not yet disbursed $2.6 billion to Pakistan.

Addressing a ceremony in Lahore on Sunday, Sharif still appeared optimistic about that deal with the global lender and while referring to the government’s plan B, said, “If the agreement with the IMF is (further) delayed, then I will address you.”

The International Monetary Fund (IMF) signed a deal in 2019 to provide USD 6 billion to Pakistan on fulfilment of certain conditions.

The plan was derailed several times and the full reimbursement is still pending due to insistence by the donor that Pakistan should complete all formalities.

“Pakistan has fulfilled all the preconditions and is hopeful that the agreement with the IMF will be signed during the current month,” Sharif said.

“There is no need to be nervous… We have met all conditions of the IMF, removing obstacles in finalising an agreement with it,” he said but added a note of hope that he had talked with the IMF chief who assured that the agreement will be signed this month.

He also said that “no hurdle is now left” in signing of a staff-level agreement between Pakistan and the IMF. “If the IMF agreement is delayed, I will appeal to the people of Pakistan,” he added, without elaborating.

Sharif blamed the previous government for the current economic crisis, saying that former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) government violated the agreement with the IMF. “The PTI government had all its focus on sending the opposition to prisons,” he added.

He said that the “fascist regime of the PTI” which came into power due to “rigged 2018 elections” put all development projects on halt. “All Chinese projects were cancelled and no development was made during the PTI’s four-year term.”

(With inputs from PTI)

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