Ministers voluntarily agreed to the measures, he said.
“These austerity measures will save us Rs 200 billion annually,” Sharif told a news conference in Islamabad.
Sharif said the South Asian country expected to get funds from the IMF soon, adding the austerity measures were part of the requirements the lender asked Pakistan to meet before finalizing a deal.
Officials say that the talks between Pakistan and the IMF are about to end this week.
Prior to the talks, the IMF had asked Pakistan to take several pre-emptive actions, including rolling back subsidies, increasing energy tariffs and raising additional revenue.