In last-ditch effort, PM Shehbaz Sharif meets IMF MD in Paris

PARIS: Prime Minister Shehbaz Sharif on Thursday met Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the sidelines of the Summit for a New Global Financial Pact being held at Paris in France.

During the meeting, the two exchanged views on the ongoing programs and cooperation between Pakistan and IMF.

Recalling their recent telephone conversation on 27 May 2023, the premier apprised Ms. Georgieva of Pakistan’s economic outlook.

Shehbaz Sharif outlined the steps taken by the Government for economic growth and stability. He underscored that all prior actions for 9th Review under the Extended Fund Facility had been completed and the Government of Pakistan was fully committed to fulfilling its obligations as agreed with the IMF.

On the sidelines of the Summit for a New Global Financial Pact being held in Paris, France, PM Shahbaz Sharif met Ms. Kristalina Georgieva, MD of the International Monetary Fund (IMF). Views were exchanged on the ongoing programmes and cooperation between Pakistan and IMF. pic.twitter.com/05rKbNVpi8

— Prime Minister’s Office (@PakPMO) June 22, 2023

PM Shehbaz Sharif expressed the hope that the funds allocated under the IMF’s EFF would be released as soon as possible.

“This would help strengthen Pakistan’s ongoing efforts towards economic stabilization, and bring relief to its people,” he said while talking to IMF MD.

The IMF MD shared her institution’s perspective on the ongoing review process. The meeting provided a useful opportunity to take stock of the progress in that context.

The meeting was attended by Federal Minister for Climate Change and Environmental Coordination, Sherry Rehman; Federal Minister for Economic Affairs, Sardar Ayaz Sadiq, Federal Minister for Information and Broadcasting, Marriyum Aurangzeb, Minister of State for Finance and Revenue, Aisha Ghaus Pasha, Special Assistant to PM Tariq Fatemi and Pakistan’s Ambassador to France, Asim Iftikhar Ahmad.

It is pertinent to mention here that Pakistan has barely enough currency reserves to cover one month’s imports. It had hoped to have $1.1 billion of the funds released in November – but the IMF has insisted on a number of conditions before it makes any more disbursements.