Daily Times

Prime Minister Shehbaz Sharif held a meeting with Kristalina Georgieva, Managing Director of the IMF, on the sidelines of the UNGA in New York.

During the meeting, the PM acknowledged the IMF’s support in finalising the successful staff-level agreement for Pakistan’s 37-month Extended Fund Facility (EFF) worth $7 billion, which was approved on Wednesday.

Shehbaz highlighted the government’s commitment to implementing institutional reforms and promoting private sector growth. He also praised the IMF’s technical assistance and capacity-building programs, which have been instrumental in strengthening Pakistan’s institutions and improving its economic governance.

The IMF’s managing director reiterated the organisation’s support for Pakistan’s efforts, emphasising the importance of maintaining macroeconomic stability and fostering inclusive and sustainable growth. The discussion also covered the urgent need to mobilise financing for climate change adaptation. The Prime Minister agreed that the Finance Minister would raise this critical issue during the IMF’s annual meetings in October, in discussions with senior IMF management.

Both leaders agreed to strengthen cooperation between the government of Pakistan and the IMF to ensure economic stability and promote sustainable development.

Earlier, Georgieva said the economy of Pakistan is going in the right direction. Congratulating the people and government of Pakistan on the approval of much-needed $7bn bailout package, the IMF chief said the country’s economy was growing and inflation decreasing. The IMF chief said that the goal of the government of Pakistan is to collect taxes from the rich and help the poor.

The head of the IMF said Pakistan had made reforms due to which its economy had improved.

In a separate meeting with European Commission President Ursula von der Leyen, PM Shehbaz expressed Pakistan’s commitment to fully implement international conventions related to the Generalised Scheme of Preferences Plus (GSP Plus).

Discussions between the two leaders covered bilateral relations, regional matters, and global issues of mutual concern, the PM Office’s media wing reported.

Moreover, PM Shehbaz also met with World Bank President Ajaypal Singh Banga on the sidelines of the UNGA with Finance Minister Muhammad Aurangzeb also present in the meeting.

The PM appreciated the World Bank’s continuous support for Pakistan in introducing critical economic reforms and addressing the country’s economic challenges, including poverty reduction and infrastructure development. He apprised the president of the government’s steps involving policy, administrative and organisational reforms, to realise the full potential of the economy and to promote inclusive and sustainable economic growth.

Earlier, Prime Minister Shehbaz Sharif strongly condemning the ongoing atrocities by the Israeli forces against the Palestinian people, called upon the international community to forge unity and demand an immediate ceasefire and the creation of the State of Palestine.

“The time has come when we all must come together and demand an immediate ceasefire and the creation of the State of Palestine as without that peace will not return in this part of the world. If this is allowed to linger on, then God forbids, things will become very very tense,” the prime minister told the reporters along with Palestinian President Mahmoud Abbas after they held a meeting, on the sidelines of the 79th Session of the United Nations General Assembly.

Meanwhile, PM Shehbaz Sharif met Bill Gates, founder and co-chair of the Bill & Melinda Gates Foundation (BMGF), on the sidelines of the UNGA in New York.

He also appreciated the Gates Foundation’s engagement and support to Pakistan on polio eradication, maternal and child health, nutrition, immunisation, digitisation, and financial inclusion. PM Shehbaz highlighted Pakistan’s unwavering commitment to ensure the complete eradication of polio from the country.

Moreover, the PM, during a meeting with his British counterpart Keir Starmer, emphasized that terrorism is a global issue that requires a collective effort from the international community for its eradication. In the meeting, discussions were held on bilateral relations and matters of mutual interest between Pakistan and the United Kingdom.

The two leaders agreed on further strengthening Pakistan-UK relations, especially in the areas of trade and investment. The Prime Ministers also discussed Pakistan’s economic situation. Prime Minister Shehbaz Sharif highlighted the government’s steps towards economic stability and growth, particularly focusing on the reforms in the Federal Board of Revenue (FBR) and the expansion of the tax base. Prime Minister Shehbaz Sharif also informed about the challenges Pakistan faces due to the adverse effects of climate change. Referring to Pakistan’s sacrifices in the fight against terrorism, he stressed that terrorism is a global problem, and the international community must work together to combat it.