Pakistan's latest IMF bailout wasn't possible sans China's support: PM Shehbaz

• 300 graduates to go to China for 3-month training in first phase.
• 400 to undergo 6-month programme in second phase of initiative.
• PM urges graduates to bring techniques to boost per acre yield.

ISLAMABAD: Accentuating the significance of Pakistan-China friendship, Prime Minister Shehbaz Sharif on Wednesday credited Beijing for Islamabad's International Monetary Fund (IMF) programme saying that it wouldn't have been possible sans the neighbouring country's support.

The premier's remarks — made during a ceremony held in connection with the PM’s initiative for capacity building of 1,000 agriculture graduates in China — came in the context of last month's deal between Islamabad and the IMF on the first review of the ongoing 37-month bailout programme worth $7 billion.

Upon approval by the IMF Executive Board, Pakistan will have access to approximately $1 billion under the EFF, bringing total disbursements under the programme to around $2 billion.

The lender's body will consider approval of approximately $2.3 billion in a six-week period with expectations that Islamabad will be able to secure the loan amount in the first week of May 2025, ahead of the upcoming budget for the financial year 2025-26.

The global lender had also announced a new 28-month deal — pending board approval, Pakistan can unlock the $1.3 billion under a climate resilience loan programme spanning 28 months.

The prime minister, in his speech today, emphasised that China was Pakistan’s one of the most sincere friends who always stood by it in difficult days.

Reiterating his commitment to transform the agriculture sector, Prime Minister Shehbaz termed it essential for achieving sustainable economic growth and emphasised that strengthening the agricultural backbone of the country would help ensure food security, boost exports and improve livelihoods for millions of farmers.

"We must focus on meaningful farming practices, digitalised crop management, and the development of climate-resilient seeds," the premier said while highlighting the urgent need to revive and modernise the country's agricultural research institutions.

It is pertinent to know that under the initiative, 300 selected graduates are being sent to China for a three-month training programme during the first phase.

In the second phase, 400 graduates will undergo a six-month training programme, followed by the remaining 300 graduates who will participate in a three-month training programme in the final phase.

Addressing the event, the prime minister congratulated the 300 young graduates who were going to fly to China for training in agriculture techniques and equip themselves with knowledge. He hoped that upon their return back to Pakistan, they would contribute towards the agricultural economy.

Recalling his last visit to China, PM Shehbaz said that he was much inspired by the research work in various fields of the agriculture sector during his visit to Chinese universities.

"I decided then to send 1,000 young Pakistani agri graduates to benefit from this great experience," he remarked.

Regretting that the first two efforts of sending graduates to China failed due to the fact that the selection process was not up to the mark, he said he wanted to select youthful talent who were the hopes of the nation.

"In the first and second efforts, the overwhelming majority of the selected graduates were the government officials who were overage," the PM said, adding that he ordered to develop an online portal for receiving applications to ensure that the selection process was completed in a transparent way.

"Now I am happy to see that the whole process is being completed transparently and purely on merit," he added.

He said graduates from all over Pakistan including those from Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan were included in the process while the quota of Balochistan was increased by 10%.

He advised the graduates to work hard during their course of training in China and bring the modern techniques and experiences to boost per acre yield of crops especially cotton and other cash crops.

The prime minister said that the government was planning to provide subsidised loans to the farmers to start their entrepreneurship aimed at promoting the value addition of various fruits and vegetables.

Minister for National Food Security and Research Rana Tanveer Hussain said that under the leadership of PM Shehbaz, the government was making efforts to increase productivity in the agriculture and livestock sectors.

He highlighted that the government was spending over Rs3 billion to provide young agricultural graduates with firsthand knowledge and experience from China.

He expressed hope that these graduates will apply their skills and knowledge effectively upon returning home.

Ambassador of China to Pakistan Jiang Zaidong said he was much inspired by the Pakistan government’s performance in the last year during which the country’s macroeconomic indicators had improved significantly.

He said the Chinese government stood ready to cooperate with Pakistan in promoting bilateral relations, especially in the agriculture sector.

He emphasised that President Xi always attached great importance to their relationship with the neighbouring countries.

Under China Pakistan Economic Corridor (CPEC), he said China had made a direct investment of around $35.4 billion, reflecting the strong relationship between the two countries.