By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif met International Monetary Fund Managing Director Kristalina Georgieva in New York on Wednesday, pressing his government’s case that the economy is shifting from stabilization to recovery just as an IMF review team opened talks in Karachi on the country’s next loan tranche.
The meeting, held on the sidelines of the 81st United Nations General Assembly, came the same day an IMF mission led by Iva Petrova began discussions with the State Bank of Pakistan, the opening leg of the fourth review of Islamabad’s $7 billion Extended Fund Facility and the third review of a related $1.4 billion climate-resilience facility. The mission is due to move to Islamabad around September 28 for talks with the finance ministry and tax authorities, with the full review expected to run roughly two weeks.
Sharif told Georgieva his administration remained committed to the reform programme underpinning the arrangement and credited her personally with strengthening Pakistan’s relationship with the fund, according to a statement from the prime minister’s office.
“Pleasure meeting IMF Managing Director Ms. Kristalina Georgieva in New York this morning. I thanked her for the Fund’s continued support and deeply appreciated her personal role in strengthening Pakistan’s constructive partnership with the IMF,” Sharif was quoted as saying.
He said Pakistan was moving from macroeconomic stabilization toward recovery despite regional conflict and external inflationary pressure, pointing to firmer fiscal discipline, rebuilt external buffers and improving investor confidence.
“I reaffirmed our government’s strong ownership of the reform agenda and our resolve to stay the course. Despite regional conflict and external inflationary pressures, Pakistan is steadily moving from macroeconomic stabilization towards economic recovery, with improved fiscal discipline, stronger external buffers and growing investor confidence.”
The premier cited a new national tariff regime, expanded domestic revenue collection and continued progress on privatization as evidence of that shift, while reaffirming a pledge to protect vulnerable households as the adjustment continues.
Georgieva said Pakistan’s performance under the programme was producing tangible results, the statement said. In a post on X, she credited strong implementation with helping preserve stability, restore confidence and regain market access, adding that continued reforms would help lift growth and improve living standards.
Both sides confirmed the discussion touched on the coming programme review, though neither disclosed specifics on its scope ahead of the mission’s findings.
The fourth EFF review, covering the period through June 30, will test Pakistan’s progress on commitments that extend beyond standard budget metrics. IMF staff are expected to examine amendments to the legal framework governing the Pakistan Sovereign Wealth Fund, along with legislation restructuring state-owned enterprises and implementation of a governance and anti-corruption plan adopted after an IMF diagnostic assessment. The government has also committed to publishing asset declarations for senior civil servants by year-end.
The talks add to a run of engagements with multilateral officials since Sharif’s delegation arrived in New York, where the prime minister is scheduled to address the General Assembly on Friday. He was joined at the Georgieva meeting by Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Privatization Adviser Muhammad Ali and Special Assistant Tariq Fatemi.
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