During a phone discussion with Prime Minister Shehbaz Sharif, International Monetary Fund (IMF) Managing Director Kristalina Georgieva reaffirmed the IMF’s commitment to continuing its assistance to Pakistan.
Georgieva explained that the global lender was hesitant to work with the Pakistani government due to historical tensions between the IMF and Islamabad.
“I am sure that PM Shehbaz will fulfil the promises,” Georgieva said.
She went on to praise the prime minister’s leadership, saying he had demonstrated judgement and resolve to carry out the accord reached in Paris.
The CEO promised the prime minister, “That is why we will help you.”
Is the balance of payments issue now over? reads the IMF.
Georgieva further by saying that Islamabad is a major member of the IMF and that a strong cooperation and mutual confidence have now been created between Pakistan and the IMF.
The prime minister praised the IMF managing director, saying, “you spoke very frankly and positively in the meeting in Paris,” and adding, “this morning, I also met with my economic team and made it clear that I will not tolerate even the slightest violation of the agreement.”
The current administration’s term will finish on August 12, PM Shehbaz said Georgieva, and a caretaker set-up will take over government duties until general elections can be held.
“After the election, if the people elect us, we will turn around the economy with the help of the IMF,” the prime minister continued.
IMF grants Pakistan $3 billion in breathing room.
To the managing director of the international lender, he added, “there are no words to thank you for the way you have helped Pakistan.” He praised the director’s professionalism and leadership.
Shehbaz continued, “I am sending you a gift of mangoes as a sign of respect for you,” before explaining that Pakistan grows the best and sweetest mangoes in the world.
Prime Minister Shehbaz briefed financial Minister Ishaq Dar during his meeting with the IMF MD in Paris that the country’s financial team was working towards securing a fresh loan programme from the global lender.
In order to secure the agreement, the prime minister had instructed his economic team to provide detailed responses to all IMF questions.
The accord was reached in large part due to the efforts of PM Shehbaz.
