PM meets IMF chief, urges consideration of flood impact in program review

NEW YORK: Prime Minister Shehbaz Sharif urged the International Monetary Fund (IMF) on Wednesday to consider the impact of the recent floods on Pakistan’s economy in its ongoing program review, stating that Pakistan was making steady progress towards meeting the various targets and commitments under the IMF program.

The Prime Minister made these remarks during a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the 80th Session of the United Nations General Assembly in New York.

He acknowledged and appreciated the IMF’s longstanding constructive partnership with Pakistan, which has strengthened under Georgieva’s leadership.

He expressed gratitude for the IMF’s timely support through various instruments, including the Stand-By Arrangement of $3 billion for FY 2024, the Extended Fund Facility (EFF) of $7 billion, and the Resilience and Sustainability Facility (RSF) of $1.4 billion.

“Today, with deep-rooted structural reforms in place, Pakistan’s economy is showing positive signs of stabilization and is moving towards recovery,” the Prime Minister said. He also thanked the IMF for its instrumental role in guiding the government’s economic reform efforts.

The IMF Managing Director expressed her sympathy to all people affected by the floods and noted the importance of the damage assessment to underpin recovery priorities.

The IMF chief commended the prime minister’s commitment to pursuing sound macro-economic policies and reiterated the IMF’s continued support as Pakistan advances the necessary economic reforms to ensure sustainable long-term economic growth.