The first tranche of $1.1 billion under the stand-by agreement with the International Monetary Fund would be received later in July, Prime Minister Shahbaz Sharif said on Monday.

“The government reached a 9-month Stand-by Arrangement for $3 billion with the IMF. The first installment of $1.1 billion will be disbursed in July. I congratulate all the cabinet members, especially the finance minister and his team for their efforts,” he said while addressing a cabinet meeting, which was convened in Islamabad to review the country’s political and economic situation.

“Before we reached a deal with IMF, China had rollover $5 billion worth of loans including commercial and sovereign, which is historic. We should not forget the way China has helped Pakistan,” he stated.

He lamented the fact that state-owned enterprises such as Steel Mills, Pakistan International Airlines and other state-owned plants and factories are costing Rs600 billion per annum.

The prime minister said that the elected government in the upcoming elections should work towards the development of the country. “I request every cabinet member to do everything regarding policy framework for future roadmap. It will be your legacy.”

He wished Pakistan never reach out to the IMF in future for loans; however, he said: “It is easier said than done”.

PM Shehbaz thanked the Saudi Arabian government for making a commitment of $2 billion to Pakistan. “Saudi Arabia has always helped Pakistan in difficult times. The United Arab Emirates’ president had also committed $1 billion upon my request.”

He also thanked Foreign Minister Bilawal Bhutto Zardari for his diplomatic efforts for successful negotiations with the IMF.

Sharif gave credit to Army Chief General Syed Asim Munir for securing pledges from Saudi Arabia and UAE. “The Army Chief had a crucial role in all the development with these brotherly countries.”

He called the IMF deal “a breather for nine months”, saying that the government must convert it into an opportunity with a vision to work for the economic revival of the country.

The prime minister condemned the burning of the Holy Quran in Sweden on June 28 and demanded swift action against the perpetrator of the vile act.

“Pakistan endorses the demands made by the emergency meeting of the Organization of Islamic Cooperation,” he said.