Skip to content
Search

Latest Stories

'No other option' but to implement IMF deal: Pak PM Shehbaz Sharif

The prime minister also said that the agreement with the IMF was blatantly breached by the Imran Khan-led PTI government in the past.

'No other option' but to implement IMF deal: Pak PM Shehbaz Sharif

Pakistan Prime Minister Shehbaz Sharif has said that his government has “no other option” but to implement the International Monetary Fund (IMF) programme to revive the cash-starved economy.

He regretted that if the government wanted to give any subsidy in any sector, it had to go to the IMF "which is a factor and a painful reality", the state-run Associated Press of Pakistan quoted Sharif as saying during a meeting on Tuesday.


He said the coalition government never wanted to transfer the burden of price hikes to the people but added that the country would have to implement the IMF programme as “they had no other option”.

The prime minister also said that the agreement with the IMF was blatantly breached by the Imran Khan-led PTI government in the past.

Cash-strapped Pakistan revived a stalled $6 billion IMF programme this year which was initially agreed upon in 2019 but is finding it hard to meet the tough conditions of the Washington-based global lender. There are reports that the IMF may not release more funds under the programme until the pledges made by the government are met.

Pakistan and the IMF had a round of engagement on November 18 but could not finalise a schedule for formal talks on the overdue ninth review.

The IMF board in August approved the seventh and eighth reviews of Pakistan's bailout programme, allowing for a release of over $1.1 billion.

The much-needed bailout package from the IMF helped Pakistan avert an imminent default, amidst the persisting political uncertainty and the devastating floods that have displaced more than 33 million people.

Shehbaz also said that they had devised a plan to immediately convert all the federal government entities’ buildings to solar power by April next year to slash the country’s fuel import bill of around $27 billion.

Unveiling further details, the prime minister said that the procedures for conversion of solar power should be fast-tracked as they had set April 2023 as the timeline for the implementation of this plan.

He also urged all the relevant authorities and stakeholders to complete the required process by the end of April next year and meet the timeline which had been set.

“Consider it as our political, social, national and religious duty to implement it as soon as possible,” he opined.

“It is the only option for our survival as a nation,” he added.

The prime minister said with these urgent measures, they would be able to generate 300 MW to 500 MW of cheap power, thus reducing the import bill worth billions of dollars each year.

The prime minister said that the process for the generation of 10,000 MW of solar power in the country had already commenced and such a conversation by the federal government buildings would be the first phase.

Enumerating the economic challenges faced by the country due to skyrocketing fuel and gas prices after the Russia-Ukraine conflict, he said that developing countries like Pakistan had to bear the brunt.

He said under the China-Pakistan Economic Corridor (CPEC), coal and gas-fired projects were completed by the Pakistan Muslim League-Nawaz (PML-N) government in 2015 to overcome 20 hours of crippling power outages in the country.

Pakistan is in need of funds to bolster its struggling economy, amplified by devastating floods that affected the country's agriculture and infrastructure in recent months.

On December 23, Finance Minister Ishaq Dar held a virtual meeting with the IMF mission chief, Nathan Porter, aimed at finding a common ground to address the power sector issues, the Express Tribune newspaper reported.

The power sector has become the biggest stumbling block in the way of the 9th IMF review mission, which is the prerequisite for the approval of the next loan tranche of over $1.1 billion.

As per the revised schedule, the IMF board was supposed to approve the 9th review and release of the tranche by November 3.

However, due to Pakistani authorities' failure to meet the programme conditions for the 9th review, the global lender has not yet dispatched a mission to Pakistan.

The IMF is seeking a clear roadmap for the power sector, taxation and addressing any fiscal imbalances due to three key factors – higher than agreed circular debt during the current fiscal year, higher than agreed primary budget deficit and expenses on flood rehabilitation and reconstruction, the report quoted the sources as saying.

(PTI)

More For You

Iran-Israel-war

Smoke billows for the second day from the Shahran oil depot, northwest of Tehran, on June 16, 2025. (Photo: Getty Images)

Getty Images

India moves students to safety in Iran as Israel-Iran conflict escalates

INDIA has moved some of its citizens, including students, to safer locations in Iran following days of deadly Israeli strikes. The Indian embassy in Tehran is monitoring the situation and coordinating with local authorities to help Indian nationals amid the ongoing conflict between Iran and Israel.

"The Indian embassy in Tehran is continuously monitoring the security situation and engaging Indian students in Iran to ensure their safety," said a statement from the ministry of external affairs. "In some cases, students are being relocated with (the) embassy's facilitation to safer places within Iran."

Keep ReadingShow less
Minnesota Lawmaker’s Murder Suspect Caught After Two-Day Chase

Boelter was captured in Sibley County

Reuters

Minnesota lawmaker’s suspected killer arrested after massive two-day manhunt

US law enforcement officials in Minnesota caught the suspected killer of a Democratic state lawmaker and her husband on Sunday, authorities said, ending a two-day manhunt.

The suspect, 57-year-old Vance Boelter, allegedly disguised himself as a police officer, then shot and killed Democratic state representative Melissa Hortman and her husband Mark at their home early Saturday.

Keep ReadingShow less
Chanel CEO Leena Nair Honored with CBE by Prince William at Windsor

Leena Nair honoured with CBE at Windsor Castle by Prince William

Getty Images

Leena Nair receives CBE from Prince William at Windsor Castle

Leena Nair, the India-born CEO of Chanel, was honoured with a CBE (Commander of the Order of the British Empire) by Prince William at a ceremony held at Windsor Castle. The recognition, part of the 2025 King’s New Year Honours list, acknowledges her outstanding work in the global retail and consumer industry, particularly her strong leadership in steering one of the world’s most iconic fashion houses into a new era.

Nair’s rise to the top has been anything but conventional. When she was appointed as Chanel’s global CEO in 2022, she became the first non-white person to lead the 112-year-old French luxury brand. What made her journey even more unusual was her background, not in fashion, but in human resources. Before joining Chanel, she spent nearly 30 years at Unilever, eventually becoming its youngest-ever and first female Chief Human Resources Officer.

Keep ReadingShow less
Blaise Metreweli

First-ever woman to head its MI6 spy service

Global Women Leader

Blaise Metreweli appointed as UK’s first woman to lead MI6 spy agency

The UK government has appointed Blaise Metreweli as the first-ever woman to head its MI6 spy service as the country faces "threats on an unprecedented scale", Prime Minister Keir Starmer announced on Sunday.

The MI6 Secret Intelligence Service (SIS) achieved global fame through Ian Fleming's fictional agent James Bond.

Keep ReadingShow less
Air India crash: Victim funerals begin as probe into cause continues

Soldiers carry the coffin of Vijay Rupani, former chief minister of India's Gujarat, who was killed in the Air India flight 171 crash, during his funeral ceremony in Ahmedabad on June 16, 2025. (Photo: Getty Images)

Getty Images

Air India crash: Victim funerals begin as probe into cause continues

INDIAN health officials have begun returning bodies to families after the Air India crash in Ahmedabad that killed 270 people, but most relatives were still waiting for confirmation through DNA testing as of Monday.

Of the 279 total deaths, including casualties on the ground, 87 DNA samples have been matched and 47 bodies handed over, according to officials. The Boeing 787-8 Dreamliner had 242 people on board when it crashed on June 12 shortly after takeoff from Ahmedabad for London, killing 241 of them. Another 29 people died on the ground, including five medical students.

Keep ReadingShow less