PM Shehbaz meets IMF managing director, World Bank and EU presidents during UNGA session

Prime Minister Shehbaz Sharif held a meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the sidelines of the United Nations General Assembly (UNGA) in New York. A statement was issued in this regard by the PM's Office on Thursday.

During the meeting, the PM acknowledged the IMF’s support in finalising the successful staff-level agreement (SLA) for Pakistan’s 37-month Extended Fund Facility (EFF) worth $7 billion, which was approved on Wednesday.

Shehbaz highlighted the government’s commitment to implementing institutional reforms and promoting private sector growth. He also praised the IMF’s technical assistance and capacity-building programs, which have been instrumental in strengthening Pakistan’s institutions and improving its economic governance.

The IMF's managing director reiterated the organisation’s support for Pakistan’s efforts, emphasising the importance of maintaining macroeconomic stability and fostering inclusive and sustainable growth.

The discussion also covered the urgent need to mobilise financing for climate change adaptation. The Prime Minister agreed that the Finance Minister would raise this critical issue during the IMF’s annual meetings in October, in discussions with senior IMF management.

Both leaders agreed to strengthen cooperation between the government of Pakistan and the IMF to ensure economic stability and promote sustainable development.

Discussions between the two leaders covered bilateral relations, regional matters, and global issues of mutual concern, the PM Office's media wing reported.

PM Shehbaz congratulated von der Leyen on her re-election as the president of the European Commission and commended her efforts in advancing the interests of the European Union.

He underscored the importance of continuous dialogue and cooperation to achieve shared goals and reiterated Pakistan's commitment to strengthening ties with the EU.

Addressing the GSP Plus scheme, Prime Minister Shehbaz affirmed Pakistan’s resolve to fully comply with the international conventions under the framework.

Moreover, PM Shehbaz also met with World Bank President Ajaypal Singh Banga on the sidelines of the UNGA with Finance Minister Muhammad Aurangzeb also present in the meeting.

The PM appreciated the World Bank’s continuous support for Pakistan in introducing critical economic reforms and addressing the country's economic challenges, including poverty reduction and infrastructure development.
 
He apprised the president of the government’s steps involving policy, administrative and organisational reforms, to realise the full potential of the economy and to promote inclusive and sustainable economic growth. 

The PM maintained that the government has also implemented reforms, particularly in the energy, finance and revenue sectors and stated that Pakistan looks forward to enhanced support from the World Bank for his government’s economic reforms agenda. 

He stressed upon exploring innovative financing solutions for Pakistan's development projects, including water management, energy, and human development.
 
The PM and the World Bank president reaffirmed their commitment to achieving Pakistan's development goals, aligned with Vision 2025 and the United Nations' Sustainable Development Goals.