IMF mission to visit Islamabad from September 25 to October 8 for second review of Pakistan\u2019s economy under the EFF
\n NEW YORK
\nPrime Minister Shehbaz Sharif has said that Pakistan is making steady progress in meeting targets set under the International Monetary Fund (IMF) programme, but stressed that the economic impact of recent floods should be taken into account during its upcoming review.
\nMassive floods across the country have struck both the rural heartland and industrial centres for the first time in decades, causing billions of dollars in damage while straining food supplies, exports and a fragile economic recovery.
\nRecord monsoon rains since late June, amplified by dam releases from India, have submerged large swathes of Punjab and Sindh, the two most populous and economically vital provinces.Over 1,000 people have been killed since June 26, the National Disaster Management Authority said, while over 2.5 million people have been evacuated in Punjab and Sindh.
\nThe prime minister, in a meeting with IMF Managing Director Kristalina Georgieva, on the sidelines of the UNGA on Wednesday, appreciated the IMF\u2019s longstanding constructive partnership with Pakistan, which had further strengthened under the incumbent chief\u2019s leadership.
\nHe acknowledged the IMF\u2019s timely support under various instruments, including the Stand-By Arrangement for $3 billion in FY 2024, followed by the Extended Fund Facility (EFF) of $7 billion.
\n\u201cToday, with the institution of deep-rooted structural reforms, Pakistan\u2019s economy [is] showing positive signs of stabilisation and is now moving towards recovery,\u201d said PM Shehbaz and appreciated the IMF\u2019s support for being instrumental in guiding the government\u2019s economic reform efforts.
\nThe IMF Managing Director expressed her sympathy to all people affected by the floods and noted the importance of the damage assessment to underpin recovery priorities. The IMF chief commended the prime minister\u2019s commitment to pursuing sound macro-economic policies and reiterated the IMF\u2019s continued support as Pakistan advances the necessary economic reforms to ensure sustainable long-term economic growth.
\nMeanwhile, in a meeting with World Bank Group President Ajay Banga, PM Shehbaz apprised him of the government\u2019s comprehensive reform agenda, encompassing resource mobilisation, energy sector reforms, privatisation and measures to build resilience against climate change.
\nHe reiterated that the reform agenda had steered Pakistan towards macroeconomic stabilisation, restored investor confidence and promoted sustainable and inclusive economic growth. <\/p>\n","protected":false},"excerpt":{"rendered":"
IMF mission to visit Islamabad from September 25 to October 8 for second review of Pakistan\u2019s economy under the EFF NEW YORK Prime Minister Shehbaz Sharif has said that Pakistan is making steady progress in meeting targets set under the International Monetary Fund (IMF) programme, but stressed that the economic impact of recent floods should […]<\/p>\n","protected":false},"author":2,"featured_media":504789,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-504777","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n