PM Shehbaz meets IMF chief, urges release of stalled funds
The Prime Minister of Pakistan, Shehbaz Sharif, has requested that IMF Managing Director Kristalina Georgieva unlock stalled funds because Pakistan has met all conditions.
On the sidelines of the Summit for a New Global Financial Pact taking place in Paris, the prime minister assured the Washington-based lender of the country’s commitment to fulfill all its commitments.
As well as discussing the ongoing programme and collaboration between Pakistan and the IMF, the two exchanged views.
Georgieva received an update on Pakistan’s economic outlook during their last telephone conversation.
He outlined the steps his government had taken for economic growth and stability, stressing that all previous actions for the 9th review under the Extended Fund Facility (EFF) had been completed and that Pakistan had fully committed to fulfilling its obligations as agreed with the fund.
As soon as possible, the prime minister expressed hope for the release of funds allocated under the EFF.
As a result, Pakistan’s economic stabilisation efforts will be strengthened and its people will be provided with relief,” he said.
Georgieva responded to the ongoing review process by sharing her institution’s perspective.
In that context, the meeting provided an opportunity to assess progress.
A month’s worth of imports is barely covered by Pakistan’s currency reserves. Before any further disbursements are made, the IMF has insisted on several conditions before disbursing the $1.1 billion.
Pakistan had just one IMF board review before the end of the $6.5 billion EFF, and was expected to present a budget in line with the program’s objectives, restore the proper functioning of the FX market, and close the $6 billion gap.