PM Shehbaz holds telephonic conversation with IMF MD Georgieva

Prime Minister Shehbaz Sharif held on Tuesday a telephonic conversation with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), and expressed optimism that a decision on the bailout programme would be made in a day or two.

A statement by the Prime Minister’s Office (PMO) stated the premier and IMF MD discussed issues related to the IMF programme.

“The IMF MD acknowledged the efforts of the finance minister and his team.

“The prime minister hoped that coordination on the finer points would take the form of an IMF decision in the next couple of days,” read the statement.

Moreover, Shehbaz reiterated the determination to achieve the goals of improving the economic situation through joint efforts.

Last week, Prime Minister Shehbaz Sharif had held a meeting with Georgieva on the sidelines of the Summit for a New Global Financial Pact in Paris, and briefed the top official on Pakistan’s economic outlook, with hope that the critical funds would be released.

Pakistan is racing against time to revive its stalled bailout as the programme is scheduled to end on June 30.

Experts have said the resumption of the IMF bailout, which has been stalled since November last year, is crucial for the cash-strapped South Asian economy facing a balance of payment crisis.

The expected funding of $1.1 billion from the international lender would pave the way for further inflows from Pakistan’s multilateral and bilateral partners reducing risks of a potential default, say experts.

In addition, it lends stability to the currency market, and anchors expectations of economic growth, inflation and interest rates.