Prime Minister Shehbaz Sharif led a Pakistani delegation in a productive meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the ongoing United Nations General Assembly (UNGA) session in New York. The discussion centered on strengthening economic cooperation and securing support for Pakistan’s economic recovery efforts.
Ms. Georgieva expressed the IMF’s support for Pakistan’s initiatives, emphasizing the importance of maintaining macroeconomic stability and promoting inclusive and sustainable growth. She highlighted the significance of the IMF’s 37-month $7 billion Extended Fund Facility (EFF) in aiding Pakistan’s economic revival.
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Following the meeting, Ms. Georgieva shared on her X account that the discussion was fruitful, covering Pakistan’s new loan program aimed at economic recovery, disinflation, tax fairness, and job creation.
Prime Minister Sharif expressed appreciation for the successful staff-level agreement (SLA) on the EFF and reiterated his government’s commitment to implementing structural reforms and promoting private sector development. He acknowledged the IMF’s technical assistance and capacity-building programs for enhancing Pakistan’s economic management.
The meeting also touched on the urgent need for adaptation financing for climate change, with Pakistan requesting between $1 to $1.5 billion to address the growing impact of climate issues. Although no formal agreement was made, both parties agreed to further discuss the matter during Pakistan’s finance minister’s visit to the IMF and World Bank Annual Meetings next month.
The leaders concluded the meeting by reaffirming their commitment to strengthening cooperation to promote economic stability and growth in Pakistan.
