[GEO.TV] Prime Minister Shehbaz Sharif on Sunday discussed new bailout package with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum Special Meeting in Riyadh. In his first meeting with the IMF chief since his re-election, PM Shehbaz reiterated his government’s commitment to put Pakistain’s economy back on track, according to a statement issued by the PM Office.
Pakistain is seeking a new long-term Extended Fund Facility (EFF) after a current $3 billion Stand-By Arrangement (SBA) expires this month.
"Both sides also discussed Pakistain entering into another IMF program to ensure that the gains made in the past year were consolidated and its economic growth trajectory remained positive," the statement added.
PM Shehbaz thanked IMF chief Georgieva for her support to Pakistain in securing the $3 billion SBA from the international lender last year that was now nearing its completion.
The development came a day before the expected meeting of the IMF Executive Board to decide on the final tranche of $1.1 billion under the $3 billion short-term loan programme.
IMF chief Georgieva appreciated the leadership of PM Shehbaz for timely securing SBA last year, as per the statement.
During the meeting, the prime minister said that 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.
The IMF MD shared her institution’s perspective on the ongoing programme with the premier, including the review process.
According to The News, Pakistain country made formal request to the IMF for seeking next bailout package ranging between $6 to $8 billion under the EFF with possibility of augmentation through climate financing.
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