IMF staff-level agreement a key step for economic stability: PM

March 26, 2025 (MLN): The staff-level agreement with the International Monetary Fund (IMF) marks a significant milestone in stabilizing Pakistan’s economy, Prime Minister Shehbaz Sharif said while chairing the Federal Cabinet meeting in Islamabad.

He highlighted that the IMF program includes the Resilience and Sustainability Facility worth $1.3 billion, alongside the $7bn Extended Fund Facility, bringing the total to $8.3bn.

The Prime Minister praised the government's economic team for achieving a 26% increase in tax collection but emphasized that, while securing the IMF agreement is a significant achievement, Pakistan must strive for self-reliance and debt elimination.

On security matters, he highlighted that peace and counter-terrorism efforts are essential for national development and stressed the need to boost the morale of security forces.

Regarding public relief initiatives, he noted that 60% of the Rs20bn Ramazan Package has been distributed through a transparent digital wallet system, as per the press release issued today.

He also expressed appreciation for the posthumous conferment of Nishan-e-Pakistan on former Prime Minister Zulfikar Ali Bhutto in recognition of his contributions to the nation.

Additionally, the cabinet offered fateha for the late mother of Army Chief General Syed Asim Munir.

Key cabinet decisions included the reduction in electricity prices while maintaining current petroleum prices and the approval of contracts for bagasse-fired power plants under revised terms.

The cabinet also approved the Whistleblower Protection and Vigilance Commission Act, 2025, along with amendments in Income Tax, Sales Tax on Services, and Federal Excise Duties for Islamabad Capital Territory.

The cabinet also approved the Income Tax (Second Amendment) Bill, 2025, restoring tax rebates for teachers and researchers, and decided to expand consultation on Solar Net Metering Regulations, directing a revised submission after further stakeholder feedback.

These decisions reflect the government’s commitment to economic stability, public welfare, and national security.

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