PM Shehbaz, IMF chief discuss new bailout package on WEF sideline

Author:

Prime Minister Shehbaz Sharif on Sunday discussed new bailout package with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum Special Meeting in Riyadh.

In his first meeting with the IMF chief since his re-election, PM Shehbaz reiterated his government’s commitment to put Pakistan’s economy back on track, according to a statement issued by the PM Office.

Pakistan is seeking a new long-term Extended Fund Facility (EFF) after a current $3 billion Stand-By Arrangement (SBA) expires this month.

“Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year were consolidated and its economic growth trajectory remained positive,” the statement added.

PM Shehbaz thanked IMF chief Georgieva for her support to Pakistan in securing the $3 billion SBA from the international lender last year that was now nearing its completion.

The development came a day before the expected meeting of the IMF Executive Board to decide on the final tranche of $1.1 billion under the $3 billion short-term loan programme.

IMF chief Georgieva appreciated the leadership of PM Shehbaz for timely securing SBA last year, as per the statement.

Share
Leave a Comment

Recent Posts

  • Pakistan

A revolutionary approach to Cancer, and the role of Art in Healing; A series of talks by Dr. Azra Raza at LUMS

November 23, 2024: “No one is winning the war on cancer.” These sobering words from…

7 hours ago
  • Business

Fatima Fertilizer, in partnership with UNDP, is the first company in Pakistan to adopt the SDGs Impact Framework

Islamabad, November 21, 2024 – Fatima Fertilizer has the distinct honor of becoming the first…

7 hours ago
  • Op-Ed

FIRST WOMAN CHIEF JUSTICE OF LAHORE HIGH COURT

Law plays a crucial role in shaping and maintaining a civilized society. It ensures order,…

7 hours ago
  • Op-Ed

Internet Ban

In today's world, the Internet is an indispensable tool for education, communication, business, and innovation.…

14 hours ago
  • Op-Ed

Chaos Fuels Gold’s Ascent

Gold has long stood as a symbol of wealth, security, and timeless value. In an…

14 hours ago
  • Op-Ed

Trump 2.0: The Financial Ripple Effect

Donald Trump's return to the White House in 2025 could mark a seismic shift in…

14 hours ago