New York, 22 September 2022 (TDI): Managing Director of IMF (International Monetary Fund) Karistalina Georgieva called on Pakistani Prime Minister Shehbaz Sharif.

The meeting was held on the sidelines of the 77th session of the United Nations General Assembly on Wednesday.

During the meeting, the Managing Director of IMF and the Prime Minister discussed matters of mutual interest.

Later on, Managing Director Karistalina Georgieva in a tweet hailed her conversation with Prime Minister Shehbaz Sharif as “very constructive.” In addition, she stated that she felt deeply for the destruction caused by floods in Pakistan.

Furthermore, Karistalina Georgieva further stated that the IMF will continue to support Pakistan under the present program in order to alleviate the Pakistani people’s suffering.

Meeting with World Bank President

World Bank Group President David Malpass also met with Prime Minister Shehbaz Sharif of Pakistan. The meeting took place on the sidelines of the 77th session of the United Nations General Assembly on Wednesday.

World Bank Group David Malpass conveyed his sympathies for the deaths caused by terrible floods in Pakistan. President Malpass reaffirmed to Prime Minister Shehbaz Sharif the World Bank Group’s (WBG) willingness to provide prompt finance to Pakistan.

It will be done by repurposing existing loan portfolios and new emergency investment activities. This funding would help to reconstruct infrastructure destroyed by flooding. This includes roads, dams, housing, schools, and health facilities, as well as social protection for people most impacted by flooding.

The World Bank has authorized an urgent allocation of $850 million to Pakistan. The President of the World Bank approved repurposing $850 million. He made the announcement during the meeting with Prime Minister Shahbaz Sharif.

President Malpass and Prime Minister Sharif emphasized the necessity of progressing with financial and energy reforms, which are crucial to stabilizing the economy and currencies and enabling economic recovery.

They also discussed the possibilities for renewable energy to reduce Pakistan’s reliance on imported fossil fuels.

Also read: World Bank to support rehabilitation of farmers in Pakistan