Sharif’s Directive: Finance Ministry to Incorporate IMF Guidelines in Budget
Pakistan’s Prime Minister Shehbaz Sharif Urges Finance Ministry to Align Budget with IMF Parameters
According to a media report on Wednesday, Pakistan’s Prime Minister Shehbaz Sharif has directed the finance ministry to ensure that the upcoming budget aligns with the parameters set by the International Monetary Fund (IMF). This directive comes as Pakistan continues negotiations with the global lender for a bailout package to address the country’s financial challenges. The budget is expected to be presented on Friday.
Last week, Prime Minister Sharif had a phone conversation with IMF Managing Director Kristalina Georgieva, urging her to revive the USD 6.5 billion deal that was initially signed in 2019 and is set to expire by the end of this month. During a meeting with Finance Minister Ishaq Dar on Tuesday, Sharif expressed optimism about reaching an agreement with the IMF and dismissed speculation of a populist election-year budget, emphasizing that Pakistan must adhere to the IMF’s established principles.
The source mentioned that Prime Minister Sharif was optimistic about the revival of the IMF program following his conversation with Georgieva. It was also agreed during the meeting that Pakistan would share budget details with the Washington-based bank. The discussion between Sharif and Georgieva occurred after the finance ministry faced difficulties in breaking the deadlock over loan talks during the past four months. Both sides have accused each other of causing the delay, with Pakistan struggling to implement necessary reforms and the IMF showing no leniency. On Monday, Sharif expressed hopefulness that Pakistan will finalize a deal with the IMF this month in an interview with Turkish media.
