PM Shehbaz talks to lenders ahead of IMF review

Prime Minister Shehbaz Sharif on Wednesday met leaders of the World Bank and the International Monetary Fund (IMF) ahead of the Executive Board review to discuss the provision of a multi-billion-dollar extended fund facility to Pakistan.

In recent remarks, Prime Minister Shehbaz has emphasized the crucial role played by Pakistan’s friendly nations in enabling the IMF’s decision to schedule the board meeting and expressed optimism that today’s meetings will open the door for the finalization of a new IMF package.

He is scheduled to see World Bank President Ajay Banga and IMF chief Kristalina Georgieva today on the fringes of the UN General Assembly.

Following assurances that “Pakistan is obtaining necessary financing from its development partners,” the IMF Director of Strategic Communications Julie Kozack told reporters in Washington earlier this month that the Fund has arranged the board meeting.

Prime Minister Shahbaz Sharif had previously pledged to meet all conditions needed to secure the loan package. “The program we have with the IMF is under close supervision,” the premier told a meeting of the federal cabinet.

Reached in July, the $7 billion loan agreement is awaiting official IMF executive board clearance.

Pakistan had to obtain bilateral financing in order to be eligible for the new loan package, which was one of the IMF’s main requirements.