Prime Minister Shehbaz Sharif on Wednesday paid tribute to the successful staff level with the International Monetary Fund (IMF) for a new $ 1.3 billion scheme and called it an important milestone in Pakistan’s path to economic stability.

The Prime Minister was chairman of a cabinet committee meeting in Islamabad and welcomes the Prime Minister’s efforts by Deputy Prime Minister, Minister of Finance, Minister of Planning, Minister of Commerce, Minister of Economic Affairs, FBR chairman and other senior officials to secure the agreement.

“Despite skepticism and predictions of a mini-budget, we secured this agreement without introducing new taxes,” Shearif said.

He also acknowledged the burden placed on the public in this phase pay tribute to the employees for their key role in tax contributions.

The agreement will bring $ 1.3 billion in IMF financing and raise Pakistan’s foreign reserves to $ 8.3 billion, which the prime minister called a “great achievement.”

Shehbaz Sharif emphasized that the tax collection had exceeded the IMF expectations, which achieved a 10.6% tax-to-BNP ratio, the highest in four years, with an increase of 26% year to year in tax revenue.

He also outlined how Pakistan retained an RS12.3 trillion tax measure for FY2024-25, after resisting IMF recommendations to lower it.

The Prime Minister said that the sugar sector reforms led to a further RS12 billion in tax collection, where the model was soon used for cement, tobacco and textile sectors.

He added that RS34 billion had been recovered from pending tax cases after fixing court processes.

To support low-income families, he noted that this year the Ramadan package used a digital wallet system for transparent payout.

Shehbaz also emphasized the link between peace and economic progress and promised to continue the efforts to eliminate terrorism and secure security across the country.

He welcomed the Nishan-in-Pakistan award to Shaheed Zulfikar Ali Bhutto by President Asif Ali Zardari and called it a suitable tribute to a “national icon.”

The meeting ended with compassion for the death of the mother of the head of the Army Staff General Syed Asim Munir and a prayer (Fateha) offered in her memory.