PM assures IMF chief of putting Pakistan’s economy back on track

RIYADH: Prime Minister Shehbaz Sharif on Sunday told International Monetary Fund (IMF) Managing Director Kristalina Georgieva that his government was fully committed to putting Pakistan’s economy back on track.

At a meeting on the sidelines of the World Economic Forum special meeting in Riyadh, the premier told the IMF top official that he has directed his financial team, led by Finance Minister Muhammad Aurangzeb to carry out structural reforms, ensure strict fiscal discipline and pursue prudent policies that would ensure macro-economic stability and sustained economic growth.

This was the first meeting between the prime minister and the IMF managing director since his re-election. They last met in Paris in June 2023 on the margins of the summit for the New Global Financial Pact.

According to a press release issued by the Prime Minister’s Office, the prime minister thanked Georgieva for her support to Pakistan in securing the $3 billion Standby Arrangement (SBA) from IMF last year that was now nearing its completion.

The IMF Executive Board is expected to meet tomorrow (Monday) to decide on the final tranche of $1.1 billion for Pakistan under SBA.

The IMF managing director appreciated the leadership of the Prime Minister Sharif for timely securing SBA last year.

Both sides also discussed Pakistan entering into another IMF programme to ensure that the gains made in the past year were consolidated and its economic growth trajectory remained positive.

The IMF managing director shared her institution’s perspective on the ongoing programme with Pakistan, including the review process.

The prime minister also extended an invitation to the IMF managing director to visit Pakistan at her convenience.