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Pakistan

PM Shehbaz meets IMF MD Georgieva with hope of programme revival

  • Meeting comes on sidelines of Summit for a New Global Financial Pact being held in Paris
  • IMF chief shares her institution’s perspective on the ongoing review process, says PMO statement
Published June 22, 2023

Prime Minister Shehbaz Sharif met Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the sidelines of the Summit for a New Global Financial Pact being held in Paris amid hope that the lender approves the funds allocated under the bailout.

The meeting comes days before the scheduled end of Pakistan’s programme on June 30, with speculation rising on the path forward for the economy without the lender’s aid.

Pakistan not on IMF board’s agenda

“Views were exchanged on the ongoing programmes and cooperation between Pakistan and IMF,” read a statement from the Prime Minister’s Office (PMO).

“The Prime Minister expressed the hope that the funds allocated under the IMF’s Extended Fund Facility would be released as soon as possible. This would help strengthen Pakistan’s ongoing efforts towards economic stabilisation, and bring relief to its people.

“Recalling their recent telephone conversation on 27 May 2023, the PM apprised Georgieva of Pakistan’s economic outlook. The Prime Minister outlined the steps taken by the government for economic growth and stability.”

The statement added that the prime minister underscored that all prior actions for 9th Review under the EFF had been completed and the government was fully committed to fulfilling its obligations as agreed with the IMF.

Meanwhile, the Managing Director of the Washington-based lender shared her institution’s perspective on the ongoing review process.

“The meeting provided a useful opportunity to take stock of the progress in that context,” read the statement.

The resumption of the IMF programme is crucial for the cash-starved economy, which is facing a balance of payment crisis.

The country has barely enough currency reserves to cover one month of imports. It had hoped to have $1.1 billion of the funds released in November but the IMF has insisted on a number of conditions being met before it makes any more disbursements.

Meanwhile, authorities in Islamabad are scrambling to attract funding from its multilateral and bilateral partners.

On Wednesday, Finance Minister Ishaq Dar also met with US Ambassador to Pakistan Donald Blome and discussed Pak-US economic ties besides progress on the IMF loan programme.

Paris summit

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

In a tweet, the PM said the “globalisation of problems” has made it necessary to come up with “creative approaches to rethink the global financial system to make it representative and equitable.”

In a statement on Tuesday, the Foreign Office (FO) said Pakistan will contribute to the debate at the summit ‘‘as a leading stakeholder in the global discourse, a leader in G-77 and China and one of the largest developing countries most affected by climate change’’.

The premier will also hold bilateral meetings with other world leaders on the sidelines of the summit, the FO said.

At the initiative of President Emmanuel Macron, France is hosting more than 300 heads of state, international organizations and representatives of civil society and the private sector at the Summit.

The aim of the Summit is to lay the groundwork for a new financial system suited to the common challenges of the 21st century, such as fighting inequalities and climate change and protecting biodiversity.

Comments

Comments are closed.

Tulukan Mairandi Jun 22, 2023 01:46pm
Shameless Shebaz has been pleading with her for months for a meeting to no avail. So he stalked her to Paris and caught her off guard, to beg her for a bail out. But I was told she showed no mercy.
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Johnny Walker Jun 22, 2023 02:05pm
Beggar e Azam - When will this government stop begging and implement reforms. There is no point in prolonging the deferment of radical changes required to bring some stability in finances. No reforms no IMF, and therefore, no more alms from Arabs and Chinese. STOP BEGGING.
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Fazeel Siddiqui (Overseas Pakistani) Jun 22, 2023 02:18pm
Such a pity Pakistan Democratic Military (PDM) has imposed on Pakistan in continuation of their failed 75 years, Shobaz shows up anywhere in a event like a needy neighbor begging for undue favors.
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Tulukan Mairandi Jun 22, 2023 02:42pm
Just watch the Twitter clip. You can see the desperation and submissiveness in Shebaz's face. And he posts it on Twitter to reassure his starving and off-balance countrymen.
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Boncr Jun 22, 2023 03:31pm
@Tulukan Mairandi, In the blood of Punjabi they always begging money from others. They never think about the country what we expect from currupted army and judges Chor.
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Boncr Jun 22, 2023 03:32pm
@Johnny Walker, Begging in our blood specially our Punjabi Army.
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Yousaf Hyat Jun 22, 2023 03:56pm
Napoleonic complex shows in the seating position.
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Bilal Arshad Deo Jun 22, 2023 04:15pm
@Tulukan Mairandi, Show your real name why to afraid you can comment to anyone
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Ash Chak Jun 22, 2023 04:29pm
I wish that these negotiations would be video recorded for all to see. Because after every meeting, both sides come out expressing satisfaction on the progress of the talks, but, then retreat to their original positions. Very difficult to find out what’s the truth.
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Tulukan Mairandi Jun 22, 2023 06:37pm
Its confirmed he got no reassuring feedback from IMF boss. Even if she said "I'll try to see what I can do", Shameless Shebaz would have spinned it into "IMF confirmed they are attempting to release package by 30 June". I'm sure she said NO. Default is certain now.
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Love Your Country Jun 22, 2023 09:30pm
@Tulukan Mairandi, - like you're stalking him it seems...
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zh Jun 22, 2023 11:11pm
Hope, she is not fooled by this moron.
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Maskeen Jun 23, 2023 09:37am
Since march2022, Pakistan is running without any due favors of IMF ...despite of rupee fall, low exports and fail to get fbrzz targets..... all the perks and privileges are administered to so called elites, the corrupt puppeteers..... all our die hard needy resources like paying of interests, import Bill's etc being managed somehow from the remittance given by overseas... On a nutshell there is no such requirement of IMF programs..... impose taxes, raise fuel prices, utilities, Mehgaiii, andhair nagreee and lawlessness must go on.... so that the nation prosper......
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Awami Jun 23, 2023 10:51pm
This cruel cat and mouse game need to come to an end. The message should come from USA president to IMF official. All creditors like China , Saudi Arabia, UAE are waiting for IMF signal. To get message from USA message from Pakistani PM should go to USA politely. If this is not finished in two months , there will 'Peace and friendship treaty with China" similar to Indo-Soviet Treaty prior to 1971. Unlimited fearful attitude and over analysis has led to loss or courage to stand up. IMF should not be allowed to decide future of 240+ million citizens future , otherwise there is no end to this continuous process of humilation.
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