Shehbaz Sharif tells cabinet members this will be last IMF deal in Pakistan’s history.  Cabinet endorses Trade Framework Agreement between Pakistan, Southern Common Market.

ISLAMABAD  -  Prime Minister Shehbaz Sharif on Tuesday said that after bringing the inflation rate down to the single digit of 9.6%, more efforts were required to bring in economic growth and stability besides addressing the challenges of circular debt and tax evasion.

“Alhamdulillah, the burden of inflation is reducing gradually. A single-digit inflation rate of 9.6% was reported in August this year which was 27% this month of last year. But we have to keep up our efforts to achieve economic growth and stability, create productive employment, reduce expenditures by rightsizing and downsizing, shrink circular debt, curb evasion of receipts and eliminate smuggling,” the prime minister said addressing the meeting of the federal cabinet chaired by him.

He congratulated the finance minister, State Bank governor and other economic team members for the achievement and said that serious and tireless efforts were underway to achieve the challenging task.

“This is gradual improvement. We have to take it forward swiftly. The task is cumbersome but we will reach our destination if we remain focused on targets,” he remarked.

He said sincere efforts always led nations to excel and Pakistan too could achieve the same as the country had immense resources including competent minds, natural resources and youth.

Prime Minister Shehbaz told the cabinet members that the prerequisites of IMF program were under supervision and all-out measures were being taken to fulfill the conditionalities.

“Insha Allah, we will fulfil all the IMF conditionalities timely which will follow the consideration and approval by the IMF Board. This will start a new journey. But we should keep in mind that this should be the last IMF program in Pakistan’s history,” he remarked.

Earlier, in the day, the prime minister wrote on his X time that the reduction in Pakistan’s annual inflation rate to 9.6% was not an accident but an outcome of the government’s efforts.

“Pakistan’s annual inflation rate has dropped to 9.6% in August, first single-digit figure in nearly 3 years according to the Pakistan Bureau of Statistics. This is not an accident! These are results,” the prime minister said. He said that his government’s focus was on providing relief to the common man.

“Our work is not done, and a lot more needs to be done but we are making real progress,” he remarked.

Meanwhile, the federal cabinet on Tuesday gave ex-post facto approval and endorsed the signing of Trade Framework Agreement between Pakistan and Mercosur, a South American trade bloc comprising Brazil, Argentina, Paraguay, and Uruguay.

The prime minister, who chaired the meeting of the federal cabinet, said that the South American Market could prove advantageous for the Pakistani products which could not be explored yet, he remarked.

He instructed the authorities concerned to swiftly pursue the agreements and MoUs related to the economy which had been pending for long.

The prime minister expressed satisfaction over the inflation rate declined to single-digit in August this year and appreciated the finance ministry, State Bank governor, and other allied departments for their efforts in this regard.

Calling for more efforts to bring in economic stability, the prime minister said that the creation of employment opportunities was among government’s priorities.

The federal cabinet approved the signing of an MoU between the Pakistan’s Ministry of Foreign Affairs and Albania’s Ministry of Europe and Foreign Affairs for bilateral political consultation.

On the foreign ministry’s recommendation, the cabinet also endorsed the Convention on the Privileges and Immunities of the Secretariat, its Personnel and Representatives of Members of Conference on Interaction and Confidence Building Measures in Asia (CICA) 2010.

The body approved extension in the tenure of Syed Junaid Ikhlaq, Senior Joint Secretary of the Ministry of Federal Education and Professional Training as Chairman of Federal Board of Intermediate and Secondary Education (FBISE), till the appointment of a regular officer on the post.

The federal cabinet formed a committee to discuss the drafts of the Religious Tolerance and Interfaith Harmony Policy that will present its report within a month after consultation with all stakeholders.

The meeting also endorsed the decisions of Cabinet Committee on Legislative Cases made in its meeting on August 26, 2024.

The cabinet members also offered Fateha for Member of National Assembly late Rana Afzaal Hussain, the brother of Federal Industries and Production Minister Rana Tanveer Hussain.