IMF has no excuse for not releasing tranche: PM

LAHORE:

Prime Minister Shehbaz Sharif on Saturday claimed that Pakistan fulfilled all the conditions of the International Monetary Fund for the release of the ninth tranche of the $6.5 billion loan, saying that now the global lender had no excuse for not releasing the amount.

Addressing a ceremony after reviewing the construction work on six-lane overhead bridge at Imamia Colony railways crossing Shahdara N-5, the prime minister said, “The day when we will get rid of the IMF will be a happy one.”

The ceremony was attended by caretaker Punjab Chief Minister Mohsin Naqvi, parliamentarians, chief secretary, National Highway Authority chairman and relevant authorities.

Shehbaz said they got a “broken agreement from the IMF” and “there was no option but to accept their terms”.

Referring to the terms of the global lender for releasing the loan, PM Shehbaz said that the government made every effort to meet them.

The premier said they even sought bilateral financial support from friendly nations, including China, which acknowledged Pakistan's problems and provided a rollover of $2 billion loan besides “we paid back the previous debt amount”.

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The prime minister also expressed gratitude to Saudi Arabia and the United Arab Emirates. The UAE had committed a loan of $3 billion. He lauded the efforts of Foreign Minister Bilawal Bhutto, Finance Minister Ishaq Dar and Chief of the Army Staff Syed Asim Munir for making efforts in this regard.

Shehbaz said, “Economic challenges exist but the nation will have to decide whether they would live on foreign debts or to stand on its feet by carving a niche among the comity of nations with honesty, dedication, and hard work.”

Referring to the 2018 general elections, Shehbaz termed them “watershed”. He said, “There was massive rigging in the elections as people wanted to vote for the tiger but everyone knows where the seal was placed.”

Talking about the Pakistan Tehreek-e-Insaf (PTI) government, he said that the development projects were halted during the previous government’s tenure. “Many projects suffered due to lack of attention.”

The PTI government was not in favour of these uplift projects, he said, which was why they were overlooked and desolation spread everywhere.

The former government (PTI) deliberately put things on the back burner, he said, adding that there was record corruption during the previous regime, which “we are trying to eliminate”.

Shehbaz said that after 2018, corruption was at its peak as police stations were being sold.

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During the Nawaz Sharif government, load shedding of up to 20 hours ended.

On the free wheat flour distribution scheme, Shehbaz said, “The scheme was risky but in order to provide relief to the people, we had to go ahead with it.

“The free wheat flour scheme is the riskiest project of my life. It cost Rs65 billion. I know that the common man's is facing difficulties I n making ends meet, so we started it.”

In Punjab, he said, “Eighty-100 million people are benefiting from the free wheat flour scheme.”

The prime minister said, “Our Orange Line is better than Delhi Orange Line.”

After a lengthy proceeding of 11 months over a case moved by PTI, he said, the high court gave a clean chit to the Orange Line project. In four years of the PTI government, he said, the roads as well as the sanitation system were destroyed.