On Sunday, Prime Minister Shehbaz Sharif stated that if the government fails to finalize the bailout package with the International Monetary Fund (IMF) before June 30, he would turn to the public for assistance. Speaking at the inauguration of the Sabzazar Sports Complex, Shehbaz expressed his continued optimism regarding the agreement with the global lender.
He emphasized that his government had successfully met all the requirements for the release of the IMF tranche.
“Pakistan has fulfilled all the conditions and is hopeful that the agreement with the IMF will be signed during the current month,” Shehbaz said. “If the IMF agreement is delayed, I will appeal to the people of Pakistan,” he added, without elaborating.
There is a growing belief that the prospects of reviving the existing $6.5 billion IMF program are diminishing rapidly, with the program’s expiration date set for June 30. Of the total package amount, $2.6 billion has yet to be disbursed by the IMF.
Shehbaz attributed the current economic crisis to the previous government, accusing the Pakistan Tehreek-e-Insaf (PTI) government of violating the agreement with the IMF. “The PTI government had all its focus on sending the opposition to prisons,” he added.
The prime minister said that the “fascist regime of the PTI”, which came into power as a result of “rigged 2018 elections” put all development projects on halt. “All Chinese projects were cancelled and no development was made during the PTI’s four years term.”
During the coronavirus pandemic, Shehbaz said, gas prices had hit rock bottom but the then PTI government did not avail this opportunity. The PTI government had all its focus on pushing its opponents against the wall.
Highlighting the initiatives announced in the federal budget, the prime minister said the poor man was caught in the inflation mill. He emphasised that the prices of petroleum products and other goods increased because of the Russia-Ukraine war.
The inflation rate soared so high that it had become impossible to make both ends meet even at Rs50,000 per month earnings, he said. “Despite difficult economic situation, the government is trying to give relief to the salaried class,” he added.
“We have increased government employees’ salaries by 35% for those in BPS 1-16 and 30% for those in BPS 17 and above,” he continued. “Minimum wage has also been increased from Rs25,000 to Rs32,000,” he said.
The prime minister told the ceremony that the May 9 violence was no less than an attack by the enemy. “In 75 years of the country’s history, nobody ever attempted to attack the army installations,” he said.
“The law will take its course against those who attacked the Jinnah House at the instigation of the PTI chairman. Those involved in the [May 9] incidents will get exemplary punishments, so nobody could dare repeat any such incident,” he said.
Shehbaz underscored that the country could not get economic stability without political stability, saying that the Pakistan Muslim League-Nawaz (PML-N) would bring political and economic stability under the leadership of Nawaz Sharif.
“Rest assured that the time will come that Pakistan will be back on track of economic development under Nawaz Sharif and I will continue to serve the nation till my last breath,” he concluded.
Recalling the days when he was the chief minister of Punjab, Shehbaz said he worked tirelessly to provide modern sport facilities to the people but the PTI government had abandoned these projects.
The Sabzazar Sports Complex is the first of a total 14 sports facilities planned during Shehbaz’s term as Punjab chief minister. The residents of Sabzazar would get free entry to the sports complex, while bright students would also be given free membership.
The prime minister conducted a thorough examination of various sections within the sports complex, engaging with young athletes and school children. Caretaker Punjab Chief Minister Mohsin Naqavi was also in attendance during the event.
