PM Asks IMF to Soften Lending Conditions in Wake of Floods

Prime Minister Shehbaz Sharif has requested IMF to soften the program conditions and extend further support in the wake of devastating floods and huge destruction of economy causing over $ 30 billion losses to economy. International Monetary Fund (IMF) Managing Director, Karistalina Georgieva, called on Prime Minister Muhammad Shehbaz Sharif during the meetings held on the sidelines of the 77th session of the United Nations General Assembly on Wednesday. The premier briefed the IMF Managing Directors on the devastation caused by the recent floods in Pakistan. As per sources, the prime minister also requested for early release of funds and softening of lending conditions due to the recent floods and tough macroeconomic landscape. The IMF MD expressed sorrow over the losses following the floods and assured the prime minister of the support of the fund for the rebuilding of infrastructure. On September 18, the Resident Representative to Pakistan International Monetary Fund (IMF), Esther Perez Ruiz, said that the global financial institution will help Pakistan face post-flood economic challenges. The IMF Resident Representative said that the institution was aware of the difficulties being faced by Pakistan and standing alongside the flood victims. Toward the very end of August 2022, Pakistan secured a $1.1 billion tranche from the IMF program. The Fund also increased the nation’s bailout package to $6.5 billion with the same approval.