Riyadh, 29 April 2024 (TDI): Prime Minister Shahbaz Sharif held talks with International Monetary Fund (IMF) Managing Director Kristalina Georgieva and discussed the progress of Pakistan in implementing reforms in the economic sector.
The Prime Minister said, “I shared my government’s priorities to carry out structural reforms, maintain fiscal discipline, and pursue prudent policies to ensure macro-economic stability and sustained economic growth”.
This was the first meeting of Prime Minister Shehbaz Sharif with the Managing Director of IMF after his re-election. The last time they met was in June 2023 during the Summit for a New Global Financial Pact in Paris.
The Prime Minister thanked Georgieva for supporting Pakistan in securing a US$ 3 billion Standby Arrangement (SBA) from the IMF the previous year.
The Executive Board of the IMF is expected to meet tomorrow in which the final tranche of USD 1.1 billion under the SBA will be decided.
Held an important meeting with Ms. Kristalina Georgieva, @KGeorgieva, Managing Director IMF on the sidelines of #SpecialMeeting24 in Riyadh today. Shared my government’s priorities to carry out structural reforms, maintain fiscal discipline and pursue prudent policies to ensure… pic.twitter.com/gSoxNQWR0G
— Shehbaz Sharif (@CMShehbaz) April 29, 2024
The Managing Director of the IMF appreciated the Prime Minister’s leadership role regarding the Standby Arrangement last year. The Prime Minister told her that his government is fully committed to bringing Pakistan’s economy back on track.
He directed his finance team headed by Finance Minister Muhammad Aurangzeb to implement reforms, ensure strict fiscal discipline, and implement prudent policies that would ensure macroeconomic stability and sustainable economic growth in the country.
The two sides also discussed Pakistan’s entry into another IMF program to ensure that gains made in the past year are consolidated and its economic growth boosts further.
Kristalina Georgieva conveyed its institution’s approach to the ongoing program with Pakistan, including the review process. The Prime Minister also invited her to visit Pakistan at her convenience.
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Prime Minister’s engagements with Saudi officials
In Riyadh, Prime Minister Shehbaz Sharif engaged with various dignitaries, holding discussions with a cohort of Saudi ministers and a delegation of investors from Saudi Arabia.
During these meetings on the sidelines of the WEF, the Saudi ministers and investors told Shehbaz that his mission of the development and progress of Pakistan was a mission of their own. They praised his leadership by terming him the “man of action”.
Shehbaz Sharif also held separate meetings with Saudi Investment Minister Khalid Al-Falih, Finance Minister Mohammad Al Jadaan, Industry Minister Bandar bin Ibrahim Alkhourayef and Adviser at the Royal Court and General Secretary of Saudi-Pak Supreme Coordination Council Mohammed bin Mazyad Al-Tuwaijri.
