NEW YORK: Prime Minister Shehbaz Sharif has urged the International Monetary Fund (IMF) to consider the severe economic impact of recent floods in Pakistan during its upcoming review of the programme.
In a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the 80th UN General Assembly, the premier said Pakistan is steadily advancing towards IMF programme targets but stressed that the unprecedented disaster has strained food supplies, exports and fragile recovery efforts.
Record monsoon rains since late June, compounded by dam releases from India, have inundated vast areas of Punjab and Sindh. According to the National Disaster Management Authority, over 1,000 people have lost their lives and more than 2.5 million have been displaced.
Shehbaz appreciated the IMF’s longstanding constructive partnership and timely support through instruments such as the $3bn Stand-By Arrangement and the $7bn Extended Fund Facility. He noted that structural reforms had stabilised the economy and set it on a path to recovery.
Georgieva expressed sympathy for flood victims, highlighted the need for a comprehensive damage assessment and assured the Fund’s continued support for Pakistan’s reform agenda.
Separately, Shehbaz met World Bank President Ajay Banga and discussed reforms covering privatisation, energy, resource mobilisation and climate resilience.
