PM Shehbaz reaffirms carrying out institutional reforms, engaging private sector

NEW YORK: Prime Minister Muhammad Shehbaz Sharif on Thursday reaffirmed the government’s commitment to implementing structural reforms and promoting private sector development.

In a meeting with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva, Prime Minister Shehbaz Sharif expressed appreciation for the productive collaboration that led to the successful Staff Level Agreement (SLA). This agreement establishes a 37-month Extended Fund Facility (EFF) for Pakistan, amounting to $7 billion.

“The Prime Minister also expressed appreciation for the IMF’s technical assistance and capacity-building programs, which have helped to strengthen the country’s institutions and improve its economic management,” according to the press release issued by the PM’s office.

During the meeting, IMF Managing Director Kristalina Georgieva reiterated the Fund’s support for Pakistan’s efforts, highlighting the critical importance of maintaining macroeconomic stability

“They also discussed the urgent need to mobilize adaptation financing for climate change. The Prime Minister agreed to have the Finance Minister take up this critical issue with senior management at the IMF during the Annual Meetings in October,” added the press release.

The two leaders agreed to strengthen cooperation between the government and the IMF to promote economic stability and growth.

Read more: Pakistan’s economy on the right track, says IMF Chief

Earlier today, Kristalina Georgieva, s praised Pakistan’s economic progress, stating that the country’s economy is moving in the right direction.

The executive board of the International Monetary Fund on Wednesday approved a new $7 billion loan for cash-strapped Pakistan

In her statement, Georgieva congratulated the Pakistani government and the people for securing the loan program approval.