ISLAMABAD – Pakistan has to repay over $27 billion in foreign debt within a year, and now government is taking extreme measures to cut expenditure as the country of 240 million is moving out of worst financial crisis in recent times.
In light of the measures, Prime Minister Shehbaz Sharif, his ministers and advisers have decided against taking salaries. The new government members also opt to forgo perks as part of an austerity drive that will save billions.
Sharif, 72, made the announcement during a cabinet meeting as new government members discussed several agenda including key Staff Level Agreement with the International Monetary Fund (IMF).
During the huddle, Finance Minister Aurangzeb briefed the cabinet on the IMF agreement, highlighting its potential to improve the national economy and boost investor confidence.
Cabinet members also approved formation of PIA Holding Company, marking a significant step towards the privatization of national air carrier.
Furthermore, cabinet members pledged to fight terrorism. PM and his cabinet members offered Fateha for martyrs of North Waziristan attack.
Earlier, President Asif Zardari also decided against taking salary and perks amid economic challenges.
