International Monetary Fund (IMF) relaxed its conditions after friendly nations assisted Pakistan with their pledges.
“This time, the credit […] for getting the conditions relaxed goes to our friendly countries as stated by Prime Minister Shehbaz Sharif,” Sanaullah said during a press conference in Faisalabad.
Gulf nations Saudi Arabia and the United Arab Emirates (UAE) recently signed multi-billion dollar memorandums of understanding with Pakistan. PM Shehbaz emphasized that the country would focus on attracting investments rather than seeking loans to boost the economy.
“The nations that helped include China, Saudi Arabia, and UAE. Their promises and I would like to call it ‘hand holding’ would ensure that [the previous] scenario does not repeat,” Sanaullah said.
The PDM-led coalition government, which was in power from April 2022 to August 2023, had to implement various measures, including raising petrol prices to historic highs and increasing power and gas tariffs, to secure a bailout, resulting in skyrocketing inflation.
Sanaullah noted that during the 16 months the PDM was in power, the IMF’s conditions were stricter, but he hopes this will not be the case this time around.
With Shehbaz again at the helm and Pakistan in dire need of another IMF bailout, the government is now taking steps to secure a longer programme from the lender.
