PM Shehbaz Sharif, IMF MD Kristalina Georgieva meet on UNGA sidelines

The Managing Director of the International Minority Fund (IMF) Kristalina Georgieva has met Prime Minister Shehbaz Sharif in New York on the sidelines of the UNGA session, ARY News quoted state radio Wednesday.

The meeting between PM Shehbaz Sharif and IMF MD Kristalina Georgieva was held on the sidelines of the High-Level General Debate of the 77th Session of the United Nations General Assembly (UNGA), Radio Pakistan reported.

During the meeting, they discussed matters of mutual interest. PM Sharif thanked the global financial institution for reviving the loan program for Pakistan.

PM Sharif said that Pakistan is devising effective reforms for economic stability. The premier also took the IMF MD in confidence regarding the additional burden on the national economy due to disastrous floods.

The IMF MD expressed sorrow over the losses following the floods.

‘IMF to assist Pakistan face post-flood challenges’

On September 18, the Resident Representative to Pakistan – International Monetary Fund (IMF), Esther Perez Ruiz said that the global financial institution will also help Pakistan face post-flood economic challenges.

While talking to ARY News, the IMF Resident Representative Esther Perez Ruiz said that the institution was aware of the difficulties being faced by Pakistan and standing alongside the flood victims.

Ruiz said that the IMF along with other relief institutions will continue assisting flood-hit Pakistan. She added that IMF was aware of the estimated loss to Pakistan due to flood disasters.

The IMF resident representative said that the institution will also assist Pakistan to face post-flood economic challenges.

‘Govt to reach out to global lenders’

Earlier in the month, the Pakistani government hinted at reaching out to global lenders including International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB) and others for monetary assistance to deal with devastating floods in the country.

According to sources privy to the matter, the global lenders will be conveyed a joint report of NDMA, finance and planning and development ministries over losses during the floods.

“A report on initial losses has been prepared and it highlighted a loss of US$10 billion to the national economy owing to the devastating floods,” they said, adding that it included damages to infrastructure and harvest.

The report, according to sources, shared that 33 million population and one million homes were affected due to the floods. “IMF will be asked to give monetary assistance under rapid finance instrument while other global lenders will also be asked to release funds for disaster management,” they said.

State Minister for Finance Aisha Ghous Pasha confirmed the development and said that international lenders will be approached for the rehabilitation of flood-affected areas.