PM Shehbaz Sharif: IMF Loan Vital for Pakistan’s Economic Stability

Prime Minister Shehbaz Sharif, speaking at an event in Islamabad aimed at promoting taxpayer participation, emphasized the necessity of another loan program from the International Monetary Fund (IMF) to stabilize Pakistan’s fragile economy.

Sharif underscored the government’s obligation to initiate a new IMF deal for stability. However, he also highlighted the government’s commitment to simultaneously focus on fostering growth, generating employment opportunities, and addressing inflation concerns.

The Prime Minister outlined plans for collaboration between the federal and provincial governments to create conducive conditions for the private sector and resolve their issues. He noted that refunds totaling sixty-five billion rupees had been issued to exporters, expressing determination to ensure timely refunds in the future. Additionally, Sharif mentioned plans to provide competitive electricity rates to industries to enhance productivity.

Sharif announced the establishment of the Special Investment Facilitation Council (SIFC) to boost investment and emphasized advancing the second phase of the China-Pakistan Economic Corridor (CPEC).

In terms of tax reforms, the Prime Minister revealed plans for a complete restructuring of the Federal Board of Revenue (FBR) and the hiring of consultants next month to digitize the tax collection process. He stressed the need to increase the tax base to improve the low tax-to-GDP ratio.

Acknowledging the significant contribution of leading taxpayers and exporters to the nation, Sharif announced that recipients of awards at the event would be granted blue passports, highlighting their importance to the country.

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