Prime Minister Shehbaz Sharif on Wednesday hoped the International Monetary Fund (IMF)’s Executive Board will approve a $3 billion stand-by arrangement on July 12, as he vowed that Pakistan will fulfill all commitments made to secure the short-term financing deal.
“The agreement will go through, God willing,” he said while addressing a ceremony marking the 10th anniversary of the China-Pakistan Economic Corridor (CPEC) in Islamabad. Stressing that the country was no longer at risk of default, he described the IMF deal as an opportunity to move toward development. “We need to work hard and save the poor people from inflation. The elite need to play a role in this regard,” he said.
Thanking IMF Managing Director Kristalina Georgieva and her team for helping achieve the staff-level agreement, he insisted the government would complete the new IMF program within the stipulated nine months. It was the government’s responsibility to rehabilitate the country’s economic conditions and to help it “stand on its feet,” he added.
During his speech, the prime minister thanked President Xi Jinping and the Chinese government for supporting Pakistan, especially while it awaited the staff-level agreement with the IMF. He also acknowledged the financial support pledged by Saudi Arabia, the U.A.E., and the Islamic Development Fund, noting this had helped Pakistan overcome its financial crisis.
Declaring CPEC a “very transparent” project, Sharif said the Chinese government and its companies had made investments of $25.4 billion in various projects for Pakistan. The project had played a key role in transforming the development landscape of Pakistan with the launch of several multibillion-dollar projects, he said. “We completed power plants run by coal, hydel power projects, Orange Line, road infrastructure … this was a story of hard efforts,” he said.
Thousands of Chinese workers and their Pakistani counterparts have been working night and day to create a history of commitment and vitality of goodwill between the neighboring nations, he added. He vowed to double the pace of ongoing projects, stressing it was not only aimed at improving roads, rail, seaports and air routes, but also helped health, education and skill development areas. “The Belt and Road initiative is the manifestation of Chinese President Xi’s vision of peace, friendship, and economic partnership,” he said, while lamenting that the PTI-led government had created “hurdles” in its path while also levelling baseless allegations against a great friend like China.
“The enemies of CPEC are against peace, development and prosperity in Pakistan and the region, as they do not want to eradicate poverty from the country,” he said.
Sharif urged India to also benefit from the project and become a part of it, rather than trying to obstruct it. Highlighting the significance of the project, he said Iran, Afghanistan, the Middle East and the whole South Asian region would also benefit from it. “CPEC is a beautiful plan to connect not only regions and areas but also people’s hearts,” he said.