Prime Minister Shehbaz Sharif, leading the Pakistani delegation, had a productive discussion with IMF Managing Director Kristalina Georgieva during the ongoing United Nations General Assembly (UNGA) session in New York.
The meeting centered on enhancing economic cooperation and obtaining support for Pakistan’s recovery initiatives. The IMF chief reiterated the Fund’s backing of Pakistan’s efforts, stressing the importance of maintaining macroeconomic stability and fostering inclusive, sustainable growth.
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Ms. Georgieva also emphasized that the IMF’s 37-month, $7 billion Extended Fund Facility (EFF) will be instrumental in Pakistan’s economic recovery.
Very productive meeting with 🇵🇰 Pakistan PM @CMShehbaz ! We discussed Pakistan’s new Fund-supported program helping ongoing recovery, disinflation, increased tax fairness, and reforms to create new jobs and inclusive growth. pic.twitter.com/Au6sYoUIf1
— Kristalina Georgieva (@KGeorgieva) September 26, 2024
After the meeting, Ms. Georgieva shared on her official X account that she had a “productive meeting” with PM Shehbaz Sharif, where they discussed Pakistan’s recently approved loan program by the IMF’s Executive Board.
She stated that the program would aid in economic recovery and poverty reduction, while also supporting Pakistan’s efforts to expand its tax base, generate jobs, and promote inclusive growth. Prime Minister Sharif appreciated the successful staff-level agreement for the 37-month, $7 billion Extended Fund Facility (EFF) and reaffirmed the government’s commitment to structural reforms and private sector development.
He also expressed gratitude for the IMF’s technical support and capacity-building programs, which have enhanced Pakistan’s institutions and economic management.
Additionally, both sides discussed the critical need for mobilizing climate adaptation financing, with Pakistan seeking $1 to $1.5 billion to tackle climate change. Although no formal agreement was reached, the matter will be addressed further when Pakistan’s finance minister meets the IMF during the World Bank and IMF Annual Meetings next month in the US.
Both leaders agreed to continue strengthening cooperation between the government and the IMF to support economic stability and growth.
