PM Shehbaz says IMF deal in final stages, credits China for support

Prime Minister Shehbaz Sharif stated that Pakistan's agreement with the International Monetary Fund (IMF) is in its final stages. He credited China's support in fulfilling the IMF's tough conditions, saying, "We have met all the stringent IMF conditions with China's cooperation."

The 24NewsHD TV channel reported on Wednesday that after a meeting with Turkish President Recep Tayyip Erdogan, PM Shehbaz briefed the media and confirmed that the Turkish president will soon visit Pakistan. He also congratulated Erdogan on his speech at the UN. 

PM Shehbaz Sharif expressed gratitude towards China's leadership, highlighting that some IMF conditions were linked to China, and its assistance strengthened Pakistan’s position. 

The PM added, "We have faced economic challenges head-on and, through the collective efforts of the government and institutions, have overcome them. Economic indicators are gradually improving."

Earlier, in his speech at the SDG Movement discussion in New York, PM Shehbaz Sharif discussed Pakistan's challenges following 9/11. He remarked that terrorism had claimed 80,000 lives and cost the country $150 billion. 

Additionally, the PM noted that Pakistan suffered $30 billion in damages due to floods caused by climate change. He also highlighted the educational crisis, with 25 million children out of school in Pakistan, calling it a significant challenge. 

The prime minister mentioned efforts like the Punjab Endowment Fund, which assists millions of children, and Daanish Schools, which provide free education and books. He further emphasised that vocational training programs are equipping students with skills for the future.

PM Shehbaz also met with the President of the Maldives, where both leaders agreed to enhance public relations and mutual cooperation.

Shehbaz Sharif called upon the developed nations to help the developing countries come out of debt traps mainly caused by the climate change related natural disasters.

“In 2022, we had the worst flooding in our history due to climate change and that was not our fault. We do not contribute even a fraction of a percent in terms of carbon emissions”, the prime minister said while addressing the SDG Moment 2024 Meeting on the sidelines of 79th United Nations General Assembly Session in New York.

He said the developed and rich countries were responsible for the emissions and they should take the responsibility and come to the help of the developing societies. “This is very important, otherwise this unbalanced, and unjust unfair system will lead to nowhere,” he stressed.

During floods in 2022, he said Pakistan had to face loss of US$30 billion and “yet we are asked to borrow money, to pay borrowed money and loans”. This vicious circle of debt trap, what he called it a “death trap” will not help at all the developing societies.

The prime minister pointed out that the financing gaps of Sustainable Development Goals (SDGs) run into trillions of dollars as the developing countries like Pakistan had to struggle to raise funds in that regard.

As regards, terrorism in the country, he said Pakistan faced terrorism in worst form after 9/11 that was pushed from across the border in which some 80,000 Pakistanis were martyred.

“Finally we have been able to beat them (terrorists), but we lost US$150 billion in the process,” he added.

PM Shehbaz Sharif, while highlighting his efforts to promote education first in Punjab as Chief Minister and then in the entire country as the prime minister, said he had transformed the education system.

“I have introduced multiple initiatives to promote education and empower those segments of society which could not afford education for their children, for example Punjab Endowment Education Fund (PEEF) provides voucher scheme for girls and boys to get admission in schools in remote areas.”

PEEF, probably the largest fund in South Asia, he added benefited hundreds of thousands of children who were high achievers but came from very poor background. It provided stipends to the students to get education wherever they wanted in the country or abroad.

He said he also set up Danish Schools which were only for talented poor and orphan children. The schools with beautiful buildings were equipped with smart boards, besides quality teachers, books, and bags etc and many of their students were now serving the country as doctors, engineers and scientists, he added.

He said his government also started vocational training in the education institutions besides initiating a skilled development programme.

However, he regretted that still there were some 25 million out of school children in the country and steps were underway to get them enrolled.