Paris summit: PM Shehbaz holds talks with EU, IsDB chiefs

Prime Minister Shehbaz Sharif met President of the Islamic Development Bank (IsDB) Muhammad Al Jasser and President of the European Commission Ursula von der Leyen on the sidelines of the Summit for a New Global Financial Pact being held in Paris on Friday.

As per a statement released by the Prime Minister's Office (PMO), the prime minister and IsDB chief took stock of the progress on various ongoing projects and exchanged views on new avenues of collaboration.

“The prime minister thanked Dr Al Jasser on behalf of the Government and people of Pakistan for IsDB's participation in the International Conference on Climate Resilient Pakistan held in Geneva on 9 January 2023,” read the statement.

PM Shehbaz lauded IsDB's announcement earlier this year to provide $4.2 billion in support of Pakistan's post floods recovery and acknowledged Al Jasser for galvanising this huge volume of financial support.

“The prime minister briefed Dr Al Jasser on the recently formed Special Investment Facilitation Council (SIFC) to streamline foreign investments in the country and provide a one-window solution to address all concerns of foreign investors,” read the statement.

Shehbaz also extended an invitation to President IsDB to visit Pakistan at his earliest convenience.

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EC President praises flood-relief efforts

In a separate meeting, PM Sharif met the President of the EC, Ursula von der Leyen.

The prime minister conveyed Pakistan's commitment to continue working in close collaboration with European institutions for rehabilitation and reconstruction in the flood-affected areas.

“Recalling the importance of GSP Plus, the prime minister noted with satisfaction that it was on track and there was strong political commitment in that regard," the PMO said.

It added that the EC President lauded Pakistan's efforts to recover from the 2022 floods and assured continued support, inlcuding with regards to GSP Plus, a special incentive arrangement for Sustainable Development and Good Governance that supports vulnerable developing countries

In a tweet, von der Leyen said "trade preference measures already helped Pakistan increase exports to EU by 65% over the past 8 years. And we can achieve more."

PM at Summit for a New Global Financial Pact

In the run-up to his departure to France, PM Sharif had said that he will “present Pakistan’s position on the need for restructuring of international financial institutions” at the summit in Paris.

On Thursday, Prime Minister Shehbaz Sharif briefed International Monetary Fund’s managing director Kristalina Georgieva on the economic outlook of the cash-strapped South Asian nation, hoping for the release of critical stalled funds.

Under the $6.5 billion EFF’s 9th review, concluded earlier this year, Pakistan has been trying to secure $1.1 billion of funding that has been stalled since November.