ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday expressed the hope that the $3 billion short-term bailout for the country would be given final approval by the Intern­ational Mone­tary Fund board when it meets on July 12 and vowed to fulfil all commitments made to the lender.

Speaking at a ceremony in Islamabad to commemorate 10 years of the China-Pakistan Economic Corridor (CPEC), the premier pointed out that a staff-level agreement had already been finalised.

After eight months of negotiations, both sides signed the staff-level deal on Friday. Finance Minister Ishaq Dar has said Pakistan will receive a first instalment of $1.1 billion, but the IMF board’s approval is needed before funds can be disbursed.

“The agreement will go through, God willing,” the prime minister said.

Meanwhile, Pakistan has submitted a letter of intent to the IMF, assuring the lender that no new tax amnesty will be introduced in the next nine months.

Speaking at the ceremony, Mr Sharif said he was grateful to IMF Managing Direc­tor Kristalina Georgieva and her team, adding that this was Pakistan’s opportunity to move towards progress.

He insisted that the government would complete the new IMF programme within the stipulated time. It was the government’s responsibility to rehabilitate the country’s economic conditions and to help it “stand on its feet”, he said, adding that Pakistan was no longer under the threat of default.

Mr Sharif congratulated the participants, including Chinese Charge d’Affaires Pang Chunxue, on the completion of 10 years since the multibillion-dollar CPEC project began.

The premier said the project played a key role in transforming the development landscape of Pakistan with the launch of several multibillion-dollar projects. “We completed power plants run by coal, hydel power projects, Orange Line, road infrastructure […] this was a story of hard efforts,” he said.

He said Chinese investors had invested $26.4bn through the CPEC programme over the 10 years and hoped that it would now change direction towards business-to-business (B2B) development and create economic zones.

Later, the prime minister tweeted that CPEC was “a transformational project that has been pivotal to Pakistan’s socio-economic development”.

“The last 10 years is an inspirational story of how [Chinese] President Xi Jinping’s vision of ‘iron brotherhood’ converted into the completion of projects under the CPEC framework,” he said.

However, he added that “we are still far from fully tapping the potential of CPEC, a worthy goal that has my personal and the government’s staunch commitment”.

The prime minister also asked India to benefit from the mega project instead of creating obstacles. Highlighting the significance of the project, he said Iran, Afghanistan, the Middle East and the whole region would also benefit from it.

The prime minister vowed to double the pace of the development as it was not only for improving roads, rail, seaports and air routes, but it would also help health, education and skill development areas, besides masses’ participation in the process.