Prime Minister Shehbaz Sharif on Wednesday met International Monetary Fund (IMF) Managing Director Kristalina Georgieva and World Bank President Ajay Banga on the sidelines of the 80th UNGA session in New York to discuss Pakistan’s economic reforms and future cooperation.
During his meeting with Kristalina Georgieva, the PM appreciated the IMF’s partnership with Pakistan, which, under Georgieva’s leadership, had strengthened further, read a statement.
He acknowledged the IMF’s timely support under various instruments, including the Stand-By Arrangement for $3 billion in FY 2024, followed by the EFF of $7 billion and the Resilience & Sustainability Facility (RSF) of $1.4 billion.
“While emphasising that Pakistan was making steady progress towards meeting the various targets and commitments under the IMF program, the prime minister said that the impact of the recent floods on Pakistan’s economy must be factored into the IMF’s review,” read the statement.
An IMF team is set to visit Pakistan this week for the second semi-annual review of the EFF.
Meanwhile, the IMF chief expressed her sympathy to all people affected by the floods. She noted the importance of the damage assessment to underpin recovery priorities.
Georgieva 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.
In a separate engagement with World Bank Group (WBG) President Ajay Banga, the prime minister appreciated Banga’s leadership in transforming the World Bank into a faster, more efficient and impactful development partner.
Whereas the World Bank expressed its readiness to extend continued support for Pakistan’s advancing economic reforms
The PM lauded the bank’s long-standing support to Pakistan, particularly during the COVID-19 pandemic and the devastating 2022 floods, added the statement.
During their meeting, the premier apprised the president of the government’s comprehensive reform agenda.
The PM also expressed appreciation for the World Bank’s new Country Partnership Framework (2026-2035), under which the World Bank has committed an unprecedented $40 billion for Pakistan.
Prime Minister Shehbaz Sharif on Wednesday attended the high-level meeting of the GDI, chaired by the Premier of China, Li.