Violation of IMF agreement, flood caused colossal loss to economy: PM

ISLAMABAD (92 News) - Prime Minister Shehbaz Sharif said that the violation of the International Monetary Fund (IMF) and the flood had caused a colossal loss to the economy.

Addressing the cabinet meeting that okayed approved the budgetary proposals of Fiscal Year 2023-24 on Friday, he said that the agreement with the IMF could not be signed so far, but there was no hurdle in the agreement.

"The basic agenda of the cabinet is budget. The previous government violated the IMF agreement. We settled the matter with the IMF with a great difficulty," he added.

The prime minister said that the government knows the difficulties of the people very well. "We accepted all conditions of the IMF in letter and spirit."

He said that Saudi Arabia and the UAE supported Pakistan and gave the assistance of US$3 billion. "The Chinese help proved to be very helpful. The current deficit improved last month," he added.