New York: Prime Minister Shehbaz Sharif met Miss Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) on the occasion of the 77th session of the United Nations General Assembly.
During the meeting, the two sides discussed the economic problems facing Pakistan and especially discussed the situation after the disastrous floods in the country.
Prime Minister Shahbaz Sharif said that Pakistan is making effective reforms for economic stability. He took the IMF chief into confidence regarding the additional burden on the national economy from the devastating floods. The IMF chief expressed regret over the damage caused by the floods.
The Prime Minister had a separate meeting with the President of the World Bank Group, David Malpass. He discussed IMF’s ongoing engagement with Pakistan to strengthen infrastructure, agriculture, rural and urban development, social services and economic development.
The Prime Minister appreciated the World Bank’s partnership with Pakistan and apprised them of the government’s initiatives to introduce economic policies focused on strengthening the economy, price stability and maintaining the sustainability of the external and financial sectors.
He also highlighted the government’s urgent need for additional investment and financial resources from the international community to mitigate the devastating effects of climate change on the people and economy of Pakistan.
Prime Minister Shehbaz Sharif apprised them of the disastrous effects of the unprecedented flood in Pakistan. He thanked the World Bank Group for repurposing funds and providing $372 million for flood relief activities.
He emphasized that Pakistan contributed little to climate change, yet faced disproportionate impacts.
The World Bank President emphasized that Pakistan should be prioritized for resilient reconstruction through the collective support of the international community. He expressed sympathy and condolence over the damage and destruction caused by the flood.
He also expressed the World Bank Group’s willingness to help Pakistan in its reconstruction and rehabilitation efforts.
He also pledged to immediately re-disburse US$850 million to help Pakistan in flood relief efforts. Both sides also agreed to continue working together to strengthen governance and service delivery in Pakistan through institutional reforms.
