Prime Minister Shehbaz Sharif has emphasized that Pakistan is making steady progress towards meeting the various targets and commitments under the International Monetary Fund (IMF) loan programme, reported 24NewsHD TV channel.
During a meeting with IMF Managing Director Ms Kristalina Georgieva in New York, Shehbaz Sharif however said that the impact of the recent floods on Pakistan's economy must be factored into the IMF's loan programme review.
The Prime Minister appreciated the IMF’s longstanding constructive partnership with Pakistan saying it has further strengthened under Ms. Georgieva’s leadership. He acknowledged the IMF’s timely support under various instruments, including the Stand By Arrangement for three billion dollars in financial year 2024 followed by the Extended Fund Facility (EFF) of seven billion dollars and Resilience & Sustainability Facility (RSF) of 1.4 billion dollars.
Shehbaz Sharif said Pakistan’s economy is showing positive signs of stabilization and is now moving towards recovery with the institution of deep-rooted structural reforms. The Prime Minister appreciated the IMF’s support in this regard that had been instrumental in guiding the Government’s economic reform efforts.
The IMF Managing Director expressed her sympathy to all people affected by the floods. She noted the importance of the damage assessment to underpin recovery priorities.
The IMF Managing Director commended the Prime Minister’s commitment to pursuing sound macro-economic policies and reiterated the IMF’s continued support.
Meeting with World Bank chief
Prime Minister Shehbaz Sharif on Wednesday appreciated the World Bank’s unprecedented commitment of $40 billion for Pakistan under new Country Partnership Framework (2026–2035), reaffirmed his government’s resolve to ensure its effective implementation in close coordination with provincial governments.
The prime minister, in a meeting with President of the World Bank Group (WBG) Ajay Banga, on the sidelines of the 80th Session of the United Nations General Assembly in New York, apprised him of the government’s comprehensive reform agenda, encompassing resource mobilization, energy sector reforms, privatization and measures to build resilience against climate change.
He reiterated that the reform agenda had steered Pakistan towards macroeconomic stabilization, restored investor confidence and promoted sustainable and inclusive economic growth.
He appreciated Ajay Banga’s leadership in transforming the World Bank into a faster, more efficient and impactful development partner, with renewed focus on simplifying operations and mobilizing private sector resources, also lauding the Bank’s long-standing support to Pakistan, particularly during the COVID-19 pandemic and the devastating 2022 floods.
The World Bank president appreciated the reform measures being undertaken by Pakistan and reaffirmed the Bank’s commitment to Pakistan’s development agenda.
He emphasized the Bank’s readiness to extend continued support for advancing economic reforms and undertaking long-term initiatives on climate resilience under the new CPF.
Both sides reiterated their resolve to further strengthen cooperation under the Country Partnership Framework in order to advance Pakistan’s development priorities.
Reporter Awais Kiyani