ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday that the government has successfully overcome the "shadow of default" and that a staff-level agreement with the International Monetary Fund (IMF) would "soon" be reached.

Fears of a default loom large as the South Asian country tries to stave off a balance of payment crisis, with inflation soaring to a multi-decade high of 27.6 percent and the national currency frequently plummeting to record lows against the greenback.

Pakistan's reserves have fallen sharply as the South Asian country struggles to revive a stalled loan program with the global lender. An IMF mission visited Pakistan last month but after extensive talks with the government, left without signing a staff-level agreement. 

PM Sharif met the Council of Pakistan Newspaper Editors (CPNE) on Wednesday, during which he spoke on various issues, including Pakistan's loan revival program with the IMF. 

"He said over the past 11 months, the government has successfully overcome the shadow of default [over Pakistan]," the CPNE said in a statement. It added that Sharif expressed regret over how the previous Pakistani government did not fulfil the terms of its agreement with the IMF, which dealt a great deal of harm to the country.

"He expressed confidence that the staff-level agreement would be finalized soon," the CPNE added. 

In response to a question, Sharif said the IMF had not discussed Pakistan's political instability in talks with the government. He also praised "friendly" countries for standing by Pakistan in its time of need. 

"Shahbaz Sharif reminded that friendly countries, including Saudi Arabia, United Arab Emirates, Qatar and China supported Pakistan during its difficult times," the CPNE said. 

Speaking on general elections, the prime minister reiterated that the government would conduct free, fair and transparent polls. He added that the center would follow the Election Commission of Pakistan's (ECP) directives and implement them.