Prime Minister Shehbaz Sharif stated that Pakistan has crossed numerous red lines in its efforts to meet the conditions set by the International Monetary Fund (IMF). Speaking at an open cabinet meeting, he emphasized that his government sacrificed its dignity to secure foreign loans and avert a potential default.

Sharif recalled the extensive efforts made, including visits to various countries to arrange $5 billion in external financing. He specifically mentioned discussions with the ruler of the UAE regarding a $2 billion loan rollover.

Deputy Prime Minister Ishaq Dar announced that the government has issued 20 onshore and 40 offshore oil and gas exploration licenses as part of efforts to manage Pakistan’s $130 billion foreign debt. He noted that Saudi Arabia, the UAE, Azerbaijan, and Kuwait have collectively pledged $27 billion in investments.

Finance Minister Muhammad Aurangzeb highlighted a 71 percent rise in the Pakistan Stock Exchange and the highest current account surplus in 20 years. He outlined government initiatives aimed at right-sizing ministries, reforming pensions, and expanding the tax base. Plans to issue Green Sukuk and Panda Bonds are also in place to diversify funding sources and reduce borrowing costs.

Power Minister Awais Laghari detailed significant reforms in the energy sector, particularly the cancellation of power purchase agreements, which resulted in savings of Rs. 1.33 trillion.

In addition, the Prime Minister announced a Rs. 20 billion Ramzan relief package aimed at assisting four million families during the holy month.