NEW YORK: Prime Minister Shehbaz Sharif said on Wednesday that Pakistan is making steady progress toward meeting its commitments under the International Monetary Fund (IMF) programme, while emphasizing that the economic impact of recent floods must be considered in the Fund’s review.
During a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the 80th Session of the United Nations General Assembly (UNGA), the prime minister appreciated the Fund’s longstanding partnership with Pakistan, which he said has strengthened under her leadership. He acknowledged timely IMF support through instruments such as the $3 billion Stand-by Arrangement in FY2024, followed by a $7 billion Extended Fund Facility and a $1.4 billion Resilience and Sustainability Facility. “Today, with the institution of deep-rooted structural reforms, Pakistan’s economy is showing positive signs of stabilisation and is moving toward recovery,” the prime minister said, crediting IMF support for guiding the government’s reform efforts.
The IMF managing director expressed sympathy for flood-affected communities and stressed the importance of damage assessment to guide recovery. She commended the prime minister’s commitment to sound macroeconomic policies and reiterated the IMF’s continued support for Pakistan’s economic reforms.
In a separate meeting with World Bank Group President Ajay Banga, the prime minister welcomed the Bank’s unprecedented $40 billion commitment under the new Country Partnership Framework (2026–2035) and reaffirmed his government’s resolve to ensure its effective implementation in coordination with provincial governments. He outlined Pakistan’s reform agenda, covering resource mobilisation, energy sector reforms, privatisation, and climate resilience, noting that these efforts have steered the country toward macroeconomic stabilisation and restored investor confidence. Banga praised Pakistan’s reform measures and reaffirmed the Bank’s commitment to supporting the country’s development priorities, including climate resilience under the new partnership framework.
The prime minister also attended the high-level meeting of the Global Development Initiative (GDI), chaired by Chinese Premier Li Qiang, and held informal interactions with him and UN Secretary-General António Guterres.
Additionally, the prime minister met with Sri Lankan President Anura Kumara Dissanayake, covering topics such as trade, education, cultural exchanges, and defence cooperation. Both leaders expressed satisfaction at bilateral relations and agreed to enhance engagement, including in cricket.
