Prime Minister Shehbaz Sharif has requested the International Monetary Fund (IMF) to consider the economic repercussions of the recent devastating floods in its upcoming review of Pakistan”s performance under the IMF program.
During a meeting with IMF Managing Director Kristalina Georgieva in New York, he stressed that while Pakistan is steadily progressing towards its targets under the program, the flood”s effect on the nation”s finances must be taken into account.
Sharif praised the IMF”s enduring collaboration with Pakistan, highlighting its strengthening under Georgieva”s leadership. He specifically acknowledged the IMF”s financial aid through various mechanisms, including a $3 billion Stand By Arrangement in FY2024, a $7 billion Extended Fund Facility, and a $1.4 billion Resilience and Sustainability Facility.
The Prime Minister stated that Pakistan”s financial status is displaying encouraging signs of stabilization and is on the path to recuperation, thanks to the implementation of substantial structural changes. He expressed gratitude for the IMF”s guidance in supporting the government”s economic reform endeavors.
Georgieva conveyed her sympathies to those affected by the floods and underscored the significance of damage assessment to inform recovery efforts. She applauded Sharif”s dedication to implementing robust macroeconomic strategies and reaffirmed the IMF”s ongoing assistance.