PM Shehbaz Discusses New Loan Program With IMF MD in Riyadh

On the sidelines of the World Economic Forum Special Meeting in Riyadh, Prime Minister Muhammad Shahbaz Sharif met Kristalina Georgieva, Managing Director (MD) of the International Monetary Fund (IMF). The Prime Minister thanked Georgieva for her support to Pakistan in securing the $3 billion Standby Arrangement (SBA) from IMF last year that was now nearing its completion. The IMF Executive Board is expected to meet today to decide on the final tranche of USD 1.1 billion under SBA. This was the first meeting between the Prime Minister and MD IMF since his re-election. They last met in Paris in June 2023 on the margins of the Summit for New Global Financial Pact. MD IMF appreciated the leadership of Prime Minister Muhammad Shehbaz Sharif for timely securing SBA last year. The Prime Minister informed the MD IMF that his government was fully committed to put Pakistan’s economy back on track. 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. Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year are consolidated and its economic growth trajectory remains positive. MD IMF shared her institution’s perspective on the ongoing program with Pakistan, including the review process. The Prime Minister also extended a cordial invitation to the MD IMF to visit Pakistan at her convenience.