Prime Minister Shehbaz Sharif announced that Pakistan has successfully met the stringent conditions set by the International Monetary Fund (IMF). Speaking during the Sustainable Development Goals (SDG) Moment 2024 Meeting at the 79th United Nations General Assembly, he praised the collective efforts of the government, international allies, and institutions. “We are moving in the right direction,” he said, acknowledging the difficulties Pakistan faced while navigating the global economic landscape.
Pakistan secured the essential financial backing of China, Saudi Arabia, and the UAE. State Bank Governor Jameel Ahmad confirmed over $2 billion in external financing had been arranged, removing hurdles for the $7 billion IMF Extended Fund Facility (EFF). As a result, Pakistan is set to receive its first tranche of $1-1.5 billion, stabilizing the country’s fragile economy.
Debt Traps and Climate Crises
During his address at the UN, PM Shehbaz called on developed nations to assist countries like Pakistan in escaping “debt traps” exacerbated by climate disasters. Pakistan experienced catastrophic floods in 2022, incurring $30 billion in damages. “We contribute little to global emissions yet face devastating consequences,” he emphasized, urging for a more just international financial system.
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The prime minister also highlighted Pakistan’s struggle to secure funds for its SDG projects. The financing gap runs into trillions globally, and without assistance from wealthier nations, achieving these goals remains a significant challenge. Nonetheless, PM Shehbaz remains hopeful for a brighter future, especially with the second phase of the China-Pakistan Economic Corridor (CPEC) set to boost Pakistan’s infrastructure and economic growth.
Combating Terrorism and Promoting Education
On security, PM Shehbaz pointed out that Pakistan lost over 80,000 lives and $150 billion due to terrorism over the years. Despite these enormous challenges, he assured that Pakistan had successfully overcome the worst of the threats. His government remains committed to building a safer and more stable nation.
Education reform has been a top priority for the prime minister. He cited achievements such as the Punjab Endowment Education Fund (PEEF) and Danish Schools, both of which have provided opportunities to underprivileged students. However, PM Shehbaz acknowledged that around 25 million children remain out of school, marking education as a pressing issue for future reforms.
During the UNGA, PM Shehbaz met with world leaders, including Turkish President Recep Tayyip Erdogan and Kuwait’s Crown Prince Sheikh Sabah Al-Khaled. He praised Erdogan’s impassioned UNGA speech on the Palestinian crisis and expressed Pakistan’s commitment to further strengthening ties with Turkey and Kuwait.