Pakistan’s Prime Minister Shehbaz Sharif has expressed optimism about Pakistan’s future economic prospects, mentioning that the government is working towards meeting the International Monetary Fund’s (IMF) conditions to finalize a $7 billion loan program. The IMF has reached an agreement with Pakistan on a 37-month loan program, subject to approval from its executive board and timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners. The prime minister and other government officials are hopeful for the IMF board’s approval, which is crucial for stabilizing the country’s struggling economy.
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They also emphasize the need for structural reforms and self-sufficiency to ensure that this will be the last IMF program for Pakistan. The government is determined to implement reforms to broaden the tax base and achieve macroeconomic stability despite facing challenges such as public backlash and strikes due to new tax schemes and high electricity rates. However, the approval process has been delayed due to issues related to financing assurances and unpaid energy sector subsidies. Resolving debt across Pakistan’s power sector remains a top concern for the IMF.
