Credit for IMF programme goes to China: PM

ISLAMABAD: Prime Minister Shehbaz Sharif Wednesday credited Beijing with Islamabad’s IMF programme saying it wouldn’t have been possible without the neighbouring country’s support.

The premier’s remarks — made during a ceremony held in connection with the PM’s initiative for capacity building of 1,000 agriculture graduates in China — came in the context of last month’s deal between Islamabad and the IMF on the first review of the ongoing 37-month bailout programme of $7 billion.

Upon approval by the IMF Executive Board, Pakistan will have access to approximately $1 billion under the EFF, bringing total disbursements under the programme to around $2 billion.

The lender’s body will consider approval of approximately $2.3 billion in a six-week period with expectations that Islamabad will be able to secure the loan amount in the first week of May 2025, ahead of the upcoming budget for the Financial Year 2025-26.

Shehbaz emphasized that China was one of the most sincere friends who always stood by Pakistan in difficult days. He reiterated his commitment to transform the agriculture sector in order to achieve sustainable economic growth.

He emphasized that strengthening the agricultural backbone of the country would help ensure food security, boost exports and improve livelihoods for millions of farmers.

“We must focus on meaningful farming practices, digitalised crop management, and development of climate-resilient seeds,” the premier said while highlighting the urgent need to revive and modernise the country’s agricultural research institutions.

It is pertinent to know that under the initiative, 300 selected graduates are being sent to China for a three-month training programme during the first phase. In the second phase, 400 graduates will undergo a six-month training programme, followed by the remaining 300 graduates who will participate in a three-month training programme in the final phase.

Addressing the event, the prime minister congratulated the 300 young graduates who will undergo training in agriculture techniques and equip themselves with knowledge during their stay in China. He hoped that upon their return to Pakistan, they would contribute towards the agricultural economy.

Recalling his last visit to China, Shehbaz said he was much inspired by the research work in various fields of agriculture during his visit to the Chinese universities. “I decided then to send 1,000 young Pakistani agri graduates to benefit from this great experience,” he remarked. Regretting that the first two efforts of sending graduates to China failed due to the fact that the selection process was not up to the mark, Shehbaz said he wanted to select youthful talent who were the nation’s hope. “In the first and second efforts, an overwhelming majority of the selected graduates were government officials who were overage,” he said, adding that he ordered development of an online portal for receiving applications to ensure that the selection process was completed in a transparent way.

“Now I am happy to see that the whole process is being completed transparently and purely on merit,” he added.

He said graduates from all over Pakistan, including those from Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan, were included in the process while the quota of Balochistan was increased by 10%. He advised the graduates to work hard during training and get back with modern techniques and experiences to boost per acre yield of crops, especially of cotton and other cash crops. The prime minister said the government was planning to provide subsidised loans to farmers to start their entrepreneurship aimed at promoting the value addition of various fruits and vegetables.

Meanwhile, Prime Minister Shehbaz Sharif expressed grief over the death of four Pakistani nationals in a boat capsize incident in Libya, reiterating the government’s commitment to act against the human traffickers.

“Deeply saddened by reports from our Mission in Tripoli of yet another boat capsize off the Harawa coast near Sirte City, Eastern Libya, in which at least four Pakistanis have been confirmed dead out of 11 casualties,” the prime minister wrote on his X handle.

He said Pakistan’s Mission in Tripoli and the Foreign Office were working with the local authorities to retrieve the remains of the deceased.

“While we are taking a strong action against those responsible for luring our citizens into this death trap, we will continue to come down hard on such elements so that no family had to carry the coffins of their loved ones in such accidents,” he reiterated.

Chairing a review meeting on Jinnah Medical Complex, Shehbaz directed the authorities concerned to ensure transparency in the construction of complex, saying he would personally monitor all stages of construction. He said the hospital would be equipped with modern medical research facilities and healthcare services to benefit the entire region.

The prime minister was briefed about progress in the construction of the Jinnah Medical Complex and Research Centre. The PC-I of the complex will soon be finalized in consultation with stakeholders. An initial capital of Rs3.5 billion has already been transferred to the trust fund established for the project. The meeting was told that the international-standard hospital, spanning over 600 kanals, will have more than 1,000 beds and nine centres of excellence.

Online reports: Meanwhile, talking to a seven-member delegation of the Association of Chartered Certified Accountants here, the prime minister said the government was taking priority measures to equip the country’s workforce with skills and training of international standard.

The delegation was led by the Association’s Global Chief Executive Helen Brand.

Shehbaz said Pakistan was fortunate to have been blessed with a young and talented workforce and the government was endeavoring to enable them to harness their potential. He said improving governance and equipping the young workforce were the government’s top-most priorities.

He said third party validation was a core component of every public sector project to improve transparency and governance. The delegation briefed the prime minister about the Association’s role in the development of Pakistan’s economy.

It mentioned that 13,000 members of ACCA from Pakistan were making the country proud internationally by rendering their services in different fields.

The delegation expressed its desire for full cooperation in Pakistan’s green economy transformation plan.