PM Shehbaz meets IMF chief, urges release of stalled funds

PM Shehbaz meets IMF chief urges release of stalled funds

PARIS: Prime Minister Shehbaz Sharif on Thursday urged Worldwide Financial Fund (IMF) Managing Director Kristalina Georgieva to unlock stalled funds as a result of the nation had met all circumstances stipulated by the lender.

Assembly the IMF MD on the sidelines of the Summit for a New International Monetary Pact being held in Paris, the premier assured the Washington-based lender of the nation’s dedication to fulfilling all guarantees made on this regard.

Moreover, the 2 exchanged views on the continuing programme and cooperation between Pakistan and IMF.

Recalling their final phone dialog, the prime minister apprised Georgieva of Pakistan’s financial outlook.

He outlined the steps his authorities had taken for financial progress and stability, underscoring that every one prior actions for the ninth overview below the Prolonged Fund Facility (EFF) had been accomplished and that Pakistan was absolutely dedicated to fulfilling its obligations as agreed with the fund.

The prime minister expressed hope that the funds allotted below the EFF could be launched as quickly as attainable.

“This could assist strengthen Pakistan’s ongoing efforts in direction of financial stabilisation and produce reduction to its folks,” he mentioned.

In response, Georgieva shared her establishment’s perspective on the continuing overview course of.

The assembly supplied a helpful alternative to take inventory of the progress in that context.

Pakistan has barely sufficient foreign money reserves to cowl one month’s imports. It had hoped to have $1.1 billion of the funds launched in November — however the IMF has insisted on a number of circumstances earlier than it makes any extra disbursements.

With time for just one final IMF board overview earlier than the tip of the $6.5 billion EFF, Pakistan was anticipated to current a funds in step with the programme’s goals, restore the correct functioning of the FX market, and shut the $6 billion hole forward of the board overview.