Prime Minister Shehbaz Sharif on Friday vowed zero tolerance for any violations to Pakistan’s recently inked Stand-by Arrangement (SBA) with the International Monetary Fund (IMF), adding he is confident the interim government will continue to fulfill all obligations.
Sharif reiterated his commitment to the IMF program during a telephone conversation with the lender’s Managing Director Kristalina Georgieva, according to a statement issued by the Prime Minister’s Office. It said he had conveyed his profound gratitude to the MD for her support and assistance in materializing the $3 billion SBA. He also appreciated her leadership and professionalism, terming her support as invaluable, and acknowledged her sympathies for the impoverished.
During their conversation, the IMF MD told the prime minister he had built a very convincing case for the revival of the bailout program even though the lender’s Executive Board had been skeptical about Pakistan’s commitment to fulfilling conditions of the agreement due to the past trust deficit. However, she added, she had assured the Board that Pakistan would deliver on its commitments because she had seen firsthand his willingness to deliver during their multiple engagements.
Acknowledging the leadership shown by Sharif, she stressed that there was now a strong partnership and mutual trust between both parties. She also described Pakistan as an important member of IMF and reassured the prime minister of the lender continuing to help the country.
According to the statement, the prime minister appreciated Georgieva’s positive approach and her frank comments during their meeting in Paris earlier this year. It was through hard work on both sides that the SBA was signed, he said, emphasizing that he would not tolerate any violation of the agreement. This government is here until August, he said, adding that he was confident that the interim government that would assume power until the next general elections would continue to fulfill all obligations.
If the people of Pakistan re-elect the incumbent government, he vowed, he would work to reform the economy with the help of the IMF and other development partners. The prime minister also informed the IMF MD that it would be an honor to send a gift of Pakistani mangos to her as a token of respect and deep appreciation for her support to Pakistan.