NEW YORK: Prime Minister Shehbaz Sharif met with the Managing Director of the International Monetary Fund (IMF) Ms Karistalina Georgieva on the sidelines of 77th session of the United Nations General Assembly.

During the meeting, the two sides discussed the economic issues faced by Pakistan with particular reference to the situation after devastating floods in the country.

PM Shebaz Sharif said that Pakistan is devising effective reforms for economic stability. He took the IMF chief in confidence regarding the additional burden on the national economy due to disastrous floods. The IMF chief expressed sorrow over the losses caused by the floods.

The prime minister held a separate meeting with President World Bank Group David Malpass. They discussed the global financial institution’s ongoing engagement with Pakistan to strengthen its infrastructure, agriculture, rural and urban development, social service, and economic growth.

The prime minister appreciated the World Bank’s partnership with Pakistan and informed him about the government’s steps to introduce economic policies focused on strengthening the economy, price stability and maintaining the sustainability of the external and fiscal sectors.

He also highlighted the government’s pressing requirements for additional investment and financial resources from global community to mitigate the devastating impact of climate change on the people and economy of Pakistan.

PM Shehbaz Sharif apprised him of the devastating impacts of the unprecedented catastrophic floods in Pakistan. He thanked the World Bank Group for repurposing the funds toward flood relief activities and providing $372 million.

He underlined that Pakistan made little contribution to climate change, yet it faced the impacts disproportionately.

The World Bank president stressed that Pakistan must be prioritized for resilient reconstruction through the international community’s collective support. He expressed sympathies and condolences over the loss and destruction caused by floods.

He also expressed the World Bank Group’s readiness to support Pakistan in its reconstruction and rehabilitation endeavours.

He also committed to the repurposing of US$ 850 million immediately to help Pakistan with its flood relief efforts. The two sides also agreed to continue working together to strengthen governance and service delivery in Pakistan through institutional reforms.

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