New York [US], September 24 (ANI): Pakistan Prime Minister Shehbaz Sharif on Wednesday urged the International Monetary Fund (IMF) to factor in the devastating impact of recent floods on Pakistan’s economy during its upcoming review, even as he reassured that the country remains on track with its IMF programme commitments. His remarks came during a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the 80th Session of the United Nations General Assembly in New York, Dawn reported.
According to the Press Information Department (PID), Shehbaz said, “While emphasising that Pakistan was making steady progress towards meeting the various targets and commitments under the IMF programme, the impact of the recent floods on Pakistan’s economy must be factored into the IMF’s review.” Pakistan is on track to meet all seven Quantitative Performance Criteria (QPC) ahead of the September 25 review of the $7 billion Extended Fund Facility (EFF), approved in May this year.
The recent floods, triggered by record monsoon rains since June, have inundated large parts of Punjab and Sindh, causing severe damage to agriculture and industry. Estimates from GEOGLAM, a global agricultural monitoring body, indicated that at least 220,000 hectares of rice fields were submerged between August 1 and September 16, while Punjab’s disaster management authority confirmed 1.8 million acres of farmland were inundated.
Georgieva expressed sympathy for those affected and underscored the importance of damage assessments to guide recovery priorities, while praising Shehbaz’s “commitment to pursuing sound macro-economic policies.” She reaffirmed the IMF’s support for Pakistan’s reform programme.
Shehbaz acknowledged the IMF’s continued partnership, appreciating assistance through the $3 billion Stand By Arrangement in FY 2024, the $7 billion EFF, and the $1.4 billion Resilience and Sustainability Facility (RSF). “Today, with the institution of deep-rooted structural reforms, Pakistan’s economy [is] showing positive signs of stabilisation and is now moving towards recovery,” he said, according to Dawn.
Separately, Shehbaz met with World Bank Group President Ajay Banga, praising the bank’s support for Pakistan. He briefed Banga on the government’s comprehensive reform agenda, including resource mobilisation, energy sector reforms, privatisation, and climate resilience measures. He welcomed the new Country Partnership Framework (CPF), offering $40 billion for Pakistan, pledging its effective implementation in close coordination with provincial governments.
Banga emphasised the bank’s readiness to continue supporting Pakistan’s economic reforms and climate resilience initiatives, with both sides reaffirming their commitment to strengthening cooperation under the CPF to advance Pakistan’s development priorities.
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