Prime Minister Shehbaz Sharif Urges Structural Reforms to Avert IMF Debt

Prime Minister Shehbaz Sharif emphasized structural reforms to avoid future IMF programs during a cabinet meeting on government downsizing. He urged ministers to act swiftly, highlighting a need for efficiency and diligent efforts in ministries. The cabinet also discussed financial measures including solarization, high real estate taxes, and boosting exports.

Prime Minister Shehbaz Sharif has issued a stern warning against any laxity in implementing the government's downsizing agenda for the struggling economy. Speaking at a cabinet meeting, Sharif stressed the urgent need for 'deep structural reforms' to sidestep further International Monetary Fund (IMF) debt programs.

The state-run news agency, Associated Press of Pakistan (APP), reported that Sharif underscored the importance of swift action, urging ministers to 'accept the challenge and deliver,' to become national heroes by revolutionizing development in their respective ministries.

In a decisive statement, Sharif ruled out any delays, emphasizing that protecting entities for perks is a thing of the past. The cabinet approved an action plan to abolish the Pakistan Public Works Department (Pak PWD) and replace it with a Pakistan Infrastructure Development Company (PIDC). Other reforms include a Rs 50 billion relief package for power consumers and significant measures to boost revenue through high real estate taxes and solarizing tube wells.

(With inputs from agencies.)