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Pak vows to end dependency on foreign aid and IMF bailouts: Shehbaz

Pak vows to end dependency on foreign aid and IMF bailouts: Shehbaz

Prime Minister Shehbaz Sharif has pledged to end Pakistan's dependency on foreign aid and IMF bailouts, aiming to surpass neighboring nations in economic activity through bold reforms to reduce government expenses and revive the economy.

In a televised address on Saturday, Sharif expressed hope that the current negotiations with the IMF for a USD 6-8 billion loan would be the last in Pakistan's history. He emphasized the commitment to reducing expenses and investing every penny in the nation's progress and youth education and skills development over the next five years.

"Inshallah, this will be the last IMF program in Pakistan's history. We will stand on our feet and surpass our neighboring countries in economic activity," Sharif stated. After completing 100 days in office, he addressed the nation, having formed a coalition government on March 4.

Sharif criticized Pakistan's repeated reliance on the IMF, noting the country has approached the fund 24 to 25 times. He pledged to end this cycle by focusing on trade relations rather than seeking loans. He also emphasized the need for tough decisions, including the abolition of non-essential institutions and departments burdening the national exchequer.

"The government must end all extravagant expenses and shut down institutions that are not serving the public," Sharif said, citing the corrupt Public Works Department (PWD) as an example. He stressed that the government would collaborate with the private sector instead of establishing more industries.

Sharif acknowledged the challenges ahead, warning of a "long and difficult" road that demands sacrifices from both government personnel and the salaried class. He highlighted recent achievements, including reducing inflation from 38% to 12% and lowering interest rates from 22% to 20.5%.

The Prime Minister also addressed the need to combat corruption and inefficiency, particularly in the Federal Board of Revenue (FBR), which is being fully digitalized. "Incompetent people in the FBR have been sidelined, and competent individuals have been brought forth," he said, calling for collective efforts to achieve these goals. "Every terrorist, smuggler, power thief, and tax evader is an enemy of the economy," Sharif concluded.

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Pak vows to end dependency on foreign aid and IMF bailouts: Shehbaz

Pak vows to end dependency on foreign aid and IMF bailouts: Shehbaz

Prime Minister Shehbaz Sharif has pledged to end Pakistan's dependency on foreign aid and IMF bailouts, aiming to surpass neighboring nations in economic activity through bold reforms to reduce government expenses and revive the economy.

In a televised address on Saturday, Sharif expressed hope that the current negotiations with the IMF for a USD 6-8 billion loan would be the last in Pakistan's history. He emphasized the commitment to reducing expenses and investing every penny in the nation's progress and youth education and skills development over the next five years.

"Inshallah, this will be the last IMF program in Pakistan's history. We will stand on our feet and surpass our neighboring countries in economic activity," Sharif stated. After completing 100 days in office, he addressed the nation, having formed a coalition government on March 4.

Sharif criticized Pakistan's repeated reliance on the IMF, noting the country has approached the fund 24 to 25 times. He pledged to end this cycle by focusing on trade relations rather than seeking loans. He also emphasized the need for tough decisions, including the abolition of non-essential institutions and departments burdening the national exchequer.

"The government must end all extravagant expenses and shut down institutions that are not serving the public," Sharif said, citing the corrupt Public Works Department (PWD) as an example. He stressed that the government would collaborate with the private sector instead of establishing more industries.

Sharif acknowledged the challenges ahead, warning of a "long and difficult" road that demands sacrifices from both government personnel and the salaried class. He highlighted recent achievements, including reducing inflation from 38% to 12% and lowering interest rates from 22% to 20.5%.

The Prime Minister also addressed the need to combat corruption and inefficiency, particularly in the Federal Board of Revenue (FBR), which is being fully digitalized. "Incompetent people in the FBR have been sidelined, and competent individuals have been brought forth," he said, calling for collective efforts to achieve these goals. "Every terrorist, smuggler, power thief, and tax evader is an enemy of the economy," Sharif concluded.

 

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