PM Shehbaz Sharif, IMF MD discuss Pakistan entering into another IMF programme

RIYADH (92 News) - On the sidelines of the World Economic Forum Special Meeting in Riyadh on Sunday, Prime Minister Shahbaz Sharif met International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva.

This was the first meeting between the prime minister and IMF MD since his re-election. They last met in Paris in June 2023 on the margins of the Summit for New Global Financial Pact.

The prime minister thanked Georgieva for her support to Pakistan in securing the US$3 billion Standby Arrangement (SBA) from IMF last year that was now nearing its completion. The IMF Executive Board is expected to meet today to decide on the final tranche of US$ 1.1 billion under SBA.

The IMF MD appreciated the leadership of Prime Minister Shehbaz Sharif for timely securing SBA last year. The prime minister informed the IMF MD that his government was fully committed to put Pakistan’s economy back on track. He had directed his financial team, led by Finance Minister Muhammad Aurangzeb to carry out structural reforms, ensure strict fiscal discipline and pursue prudent policies that would ensure macro-economic stability and sustained economic growth.

Both sides also discussed Pakistan entering into another IMF programme to ensure that the gains made in the past year are consolidated and its economic growth trajectory remains positive. The IMF MD shared her institution’s perspective on the ongoing program with Pakistan, including the review process. The prime minister also extended a cordial invitation to the IMF MD to visit Pakistan at her convenience.