RIYADH: The Prime Minister Shahbaz Shareef met IMF Chief and discuss Pakistan’s new loan program on WEF sidelines in Riyadh Saudi Arabia.
The International Monetary Fund Managing Director Kristalina Georgieva (R) met Prime Minister Shehbaz Sharif on the sidelines of a special meeting of the World Economic Forum in Riyadh, where the two figures discussed a new loan program for the cash-strapped South Asian countries.
The meeting between PM Sharif and the IMF managing director took place on the sidelines of a two-day World Economic Forum (WEF) summit on global collaboration, growth and energy in the Saudi capital on April 28-29.
Sharif thanked Georgieva for her support to Pakistan in securing a $3 billion IMF loan program last year that is due to expire this month. The IMF executive board is expected to meet on Monday to decide on the disbursement of the final tranche of $1.1 billion to Pakistan.
“MD IMF shared her institution’s perspective on the ongoing program with Pakistan, including the review process,” PM Sharif’s office said in a statement.
“Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year are consolidated and its economic growth trajectory remains positive.”
Sharif informed the IMF chief that his government was fully committed to put Pakistan’s economy back on track, according to the statement.
He said he had directed his financial team, led by Finance Minister Muhammad Aurangzeb, to carry out structural reforms, ensure strict fiscal discipline and pursue prudent policies that would ensure macro-economic stability and sustained economic growth.
It should be noted that, Pakistan have to repay $24 billion in debt over next fiscal year.
