China, S Arabia, UAE helped Pakistan get IMF loan: PM

ISLAMABAD: Prime Minister Shehbaz Sharif Friday acknowledged efforts of friendly countries like China, Saudi Arabia, the United Arab Emirates (UAE) for their role in securing the IMF programme for Pakistan.

Talking to Pakistan Muslim League Nawaz (PMLN) young parliamentarians here, he said the IMF board meeting was scheduled for Sept 25 to approve a loan programme for Pakistan.

He also lauded the efforts by the government’s economic team, the army chief, and all those involved in the process of securing loans.

The prime minister wished that the upcoming programme would be the last IMF programme for Pakistan. However, he added, the nation, especially the youth, would have to work hard to achieve the goal. He said the tax net would have to be expanded and there should be a full stop to tax evasion. He said that self-reliance was essential to have an honourable and dignified life.

He noted that seeking loans and rolling over old debt could not guarantee a respectable life. Hence, collective efforts and hard work were the only way forward to attain a prestigious position among the comity of nations.

Shehbaz said that positive indicators like reduction in policy rate and inflation, and increase in remittances from Pakistani expatriates showed that economy was heading in the right direction. He said the policy rate and inflation had decreased, while remittances from expatriates and exports of agricultural goods were on the rise. He said collective efforts by the entire nation, especially by the youth, were vital to make Pakistan self-reliant and debt-free.

The government was striving to promote IT (Information Technology) exports, he said and appreciated the role of Information Minister Attaullah Tarar in amplifying the government’s performance. But, he said, many more efforts were yet to be made with unity and a clear mind to regain the lost position.

He told the young parliamentarians including senators and members of the National Assembly (MNAs) that the incumbent government had made a pathway for the country to regain its stature in the comity of nations by rectifying past mistakes.

Calling the country’s five million traders to play their part in taxation, he said the government had brought the agro farms under the tax net.

The young parliamentarians presented suggestions with regard to governance and legislation, which the prime minister appreciated.

Separately, PM Shehbaz Sharif Friday directed the authorities concerned to take measures for the capacity building of small and medium enterprises (SMEs) to enhance their profitability.

The PM, who chaired a meeting of the steering committee of Small and Medium Enterprises Development Authority (SMEDA), said steps to boost SMEs exports was inevitable for national economy, according to a PM Office press release.

The meeting was told that the new policy for uplift of SMEs institutions would be formulated on the basis of latest statistics.

Meanwhile, PM Shehbaz Sharif Friday chaired a review meeting to assess the current situation and precautionary measures being taken to prevent the spread of monkeypox (mpox) in the country. He emphasised the importance of vigilance and preparedness, directing authorities to adopt all necessary measures to prevent the virus from spreading within the country.

He also instructed that scanning at all airports, seaports, and land entry points must be strictly enforced to detect any potential cases. He said Pakistan was not currently facing an emergency situation related to monkeypox.

During the briefing, officials informed the prime minister that while the African continent remained the most affected by mpox, Pakistan had so far recorded only five cases, all diagnosed after individuals arrived in the country from abroad.

The detected cases were of the clade-II strain, which was considered relatively less dangerous.

A helpline, 1166, has also been activated to provide guidance on the disease.

Separately, PM Shehbaz Sharif Thursday joined 48 world leaders virtually, to outline their expectations for this month’s summit of the Future in New York, underscoring “effective” international cooperation to address global challenges, including the developing nation’s rising debt burdens.

“The Summit of the Future represents a great opportunity. We must not lose it,” the Pakistani leader told the virtual live event as part of a global call to action to support the once-in-a-generation UN summit, which begins on Sept 22 at the UN Headquarters.

At Thursday’s live event, UN Secretary-General Antonio Guterres was joined by President of Namibia Nangolo Mbumba and Chancellor of Germany Olaf Scholz, as co-facilitators of the preparatory process.

In a video call from Islamabad, PM Shehbaz Sharif called for collective efforts to deal with acute world problems, saying, “Today, in times of unprecedented global challenges and escalating conflicts, we are at risk of permanently damaging the notion of ‘we’.” The PM stressed the need for significant reform of international financial institutions to achieve SDGs, saying it required enhanced concessional financing, increased Official Development Assistance (ODA), and greater lending from Multilateral Development Banks.

“Above all,” he added, “we need innovative financial solutions to address debt challenges, including climate debt swaps and equitable debt relief mechanisms.”