PM To Implement IMF Program Says No Other Option

June 4, 2023


PM To Implement IMF Program, Says No Other Option

Shaeran Rufus

KARACHI: PM Shehbaz Sharif, on Tuesday, said the government had no option except to implement the International Monetary Fund (IMF) conditions. In a press conference in Islamabad, PM called to accept the IMF programs and also blamed the former PTI-led government for defying its agreement with the international financier.

Further, he stated that PTI led the people into a price hike. The PM added, that the government regrets not ushering any subsidies to any sector, referring it to as a “painful reality”.

In 2019, Pakistan entered into a $6bn IMF program which expanded to $7bn in 2022. Due to a discord between PMLN and IMF on its willingness to accept a condition put forward by IMF. The ninth review is pending for $1.18bn.

However, the discussions between IMF and Pakistan on the ninth review were called “productive” by Esther Perez Ruiz, IMF Resident Representative for Pakistan.

Solarisation, a new project by the PM

A government had initiated a plan to convert federal government buildings into a solar power system by April in an encounter to the country’s expensive fuel imports of $27 billion. The solar power initiative is to be fast and efficient till April 2023, says the PM.

The PM added, that the project should be completed as soon as possible while considering it a “national and religious” duty in the implementation which is till April 2023. Sharif, moreover, said, all the federal ministries including departments, and branches to be shifted to solar power. Referring to it as a model for the provincial government. The project will cut down on extra expenditure.

With the devised plan, the government will be able to generate 300MW to 500MW of power energy which will eventually reduce the import bill. The process will involve transparent bidding through a third party. Sharif also urged other provincial ministers to introduce solar systems in the provinces.

The premier added that and referred solar power to be the only surviving option for the nation. A project of generating 10,000MW has been started in the country, and the conversion of the government buildings would be its first phase.

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