PM, cabinet members forego salaries, perks to promote austerity

As part of the government’s efforts to encourage austerity, federal cabinet members and Prime Minister Shehbaz Sharif made the voluntary decision to forgo their salaries and benefits on Wednesday.

According to a PM Office press statement, the decision was made during a cabinet meeting that was presided over by the prime minister and covered a variety of agenda issues, such as a briefing on the Staff Level Agreement with the International Monetary Fund (IMF) and the establishment of PIA Holding Company.

The cabinet members were informed by Federal Finance Minister Muhammad Aurangzeb on the terms of the Staff Level Agreement with the IMF. It was stated that the deal will increase investor confidence and contribute to the strengthening of the national economy.

The creation of PIA Holding Company was authorised by the federal cabinet, marking a significant step towards the privatisation of PIA.