IDB president assures PM of continued financial support to Pakistan

ISLAMABAD: President of the Islamic Development Bank (IDB) Dr Sulaiman Al Jasser on Thursday assured Prime Minister Shehbaz Sharif of continued financial support to Pakistan.

In a telephonic conversation with PM Shehbaz, the IDB president termed Pakistan a brotherly country and vowed to cooperate with it, the PM Office said.

The prime minister thanked the IDB president IDB for giving one billion dollars to Pakistan and said the received amount also played an important role in finalizing the standby agreement with the International Monetary Fund (IMF).

READ: World Bank, IDB pledge $6.2bn for Pakistan’s flood victims

He said without the IDB’s support, the IMF’s deal with Pakistan was difficult to materialize.

The prime minister said the Islamic Development Bank was an important partner of Pakistan, which helped it in difficult times.

He recalled his meeting with Sulaiman Jasser in France and said Pakistan was keen to further strengthen its partnership with the IDB.

He apprised the IDB president of the recently established Special Investment Facilitation Council for the promotion of investment in the country.

READ: IMF approves $3bn loan for Pakistan

The body has been set up to increase investment in various sectors of the country.

The prime minister invited Dr Sulaiman Al Jasser to visit Pakistan.

Earlier, PM Shehbaz Sharif thanked Managing Director (MD) of the International Monetary Fund Kristalina Georgieva after IMF executive board approved a $3 billion loan for Pakistan.

In a Twitter message, PM Shehbaz Sharif said, “The approval of Stand-by Agreement of $3 billion by the IMF’s Executive Board a little while ago is a major step forward in the government’s efforts to stabilise the economy and achieve macroeconomic stability.

“It bolsters Pakistan’s economic position to overcome immediate- to medium-term economic challenges, giving next government the fiscal space to chart the way forward,” said the premier.

“This milestone, which was achieved against the heaviest of odds & against seemingly impossible deadline, could not have been possible without excellent team effort.”

“I would commend Finance Minister Ishaq Dar & his team at the Ministry of Finance for their hard work. My special thanks are also due to @KGeorgieva , MD of IMF and her team for their support & cooperation,” he concluded.