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PM Shehbaz Meets IMF MD Georgieva

IMF Director Georgieva meet Prime Minister Shehbaz Sharif on Thursday.

The IMF MD Georgieva was informed on Pakistan economic prospects by the PM Shehbaz Sharif. Who recalled their most recent telephone conversation from May 27.

Days before Pakistan program is supposed to finish, anxiety is growing over how the country economy would move forward without the lender support.

In a statement, the Prime Minister Office (PMO) said that “views were exchanged on the ongoing program and cooperation between Pakistan and the IMF.”

“The Prime Minister emphasized the wish for the earliest possible disbursement of the monies allotted under the IMF’s Extended Fund Facility. This will relieve Pakistan citizens and support Pakistan ongoing attempts to stabilize its economy.

“Remembering their most recent phone talk on May 27, 2023, the PM informed Georgieva of Pakistan economic prospects. The government actions to promote stability and economic growth were highlighted by the prime minister.

According to the statement, the prime minister emphasized that all previous EFF steps for the 9th Review had been completed. The government was fully committed to carrying out its IMF-agreed duties.

The Managing Director of the Washington-based lender then discussed her organization viewpoint on the current evaluation procedure.

“The meeting provided a useful opportunity to take stock of the progress in that context,” the statement added.

The IMF program restart is essential for the cash-strapped economy. Which is undergoing a balance of payments crisis.

The nation hardly has enough foreign exchange reserves to pay for imports for a month. IMF has insisted on a number of conditions being completed before it releases any more disbursements, despite the fact that it had intended to have $1.1 billion of the money released in November.

Authorities in Islamabad are frantically trying to secure financing from their bilateral and multilateral allies.

Paris Meeting

PM Shehbaz Sharif stated that he will “present Pakistan position on the need for restructuring of international financial institutions” at the summit in Paris in the days before his departure for France.

The prime minister said in a tweet that it is now required to develop “creative approaches to rethink the global financial system to make it representative and equitable” due to the “globalization of problems.”

The Foreign Office (FO) said in a statement on Tuesday that Pakistan, “as a leading stakeholder in the global discourse, a leader in G-77 and China, and one of the largest developing countries most affected by climate change,” will contribute to the discussion at the summit.

On the sidelines of the summit, the premier will also have private consultations with other international leaders, according to the FO.

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