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Print Print 2022-09-22

PM apprises IMF, World Bank heads of scale of monsoon mayhem

  • Underlines that Pakistan made little contribution to climate change, yet it faced the impacts disproportionately
Published September 22, 2022

NEW YORK: World Bank Group President David Malpass and International Monetary Fund (IMF) Managing Director Karistalina Georgieva separately called on Prime Minister Muhammad Shehbaz Sharif here on Wednesday.

During the meetings held on the sidelines of 77th session of the United Nations General Assembly, the two sides discussed the economic issues faced by Pakistan, with particular reference to the situation after devastating floods in the country.

Prime Minister Muhammad Shehbaz Sharif and President of World Bank Group David R Malpass discussed the World Bank’s ongoing engagement with Pakistan to strengthen its infrastructure, agriculture, rural and urban development, social service, as well as economic growth.

They met on the sidelines of the 77th UN General Assembly Session.

The prime minister appreciated the World Bank’s partnership with Pakistan and informed him about the government’s steps to introduce economic policies focused on strengthening the economy, price stability and maintaining the sustainability of the external and fiscal sectors.

He also highlighted the government’s pressing requirements for additional investment and financial resources from global community to mitigate the devastating impact of climate change on the people and economy of Pakistan.

PM has a plateful of issues to discuss on UNGA sidelines

The prime minister apprised him of the devastating impacts of the unprecedented catastrophic floods in Pakistan.

He thanked the World Bank Group for re-purposing the funds toward flood relief activities and providing US$ 372 million.

He underlined that Pakistan made little contribution to climate change, yet it faced the impacts disproportionately.

The World Bank president stressed that Pakistan must be prioritized for resilient reconstruction through the international community’s collective support.

Malpass expressed sympathies and condolences over the loss and destruction caused by floods.

He also expressed the World Bank Group’s readiness to support Pakistan in its reconstruction and rehabilitation endeavours.

He also committed to the re-purposing of US$ 850 million immediately to help Pakistan with its flood relief efforts.

The two sides also agreed to continue working together to strengthen governance and service delivery in Pakistan through institutional reforms.

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