IMF, World Bank assure Pakistan of continued support

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The International Monetary Fund (IMF) and the World Bank provided assurances of their continued support to Pakistan in meetings with Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh.

According to the press release issued by the Finance Division on Monday, the adviser, along with a delegation — including State Bank Governor Reza Baqir, Finance Secretary Naveed Kamran Baloch and Economic Affairs Division Secretary Noor Ahmed — had back-to-back meetings with the managing directors of the IMF and World Bank to apprise them of institutional reforms as well as steps undertaken during the last year to put the country’s economy on the path to progress and stability.

The meetings took place in Washington DC, where the Pakistani delegation has gone to attend the annual round of meetings of the World Bank-IMF group.

In the meeting with World Bank Managing Director (Operations) Axel Van Trotsenburg and other senior officials, the Shaikh congratulated Trotsenburg on his appointment and appreciated the support the bank had provided to Pakistan.

According to the press release, the adviser highlighted the government’s focus on expediting the speedy roll-out of World Bank pipeline projects as well as the steps taken in this regard.

The World Bank managing director noted that Pakistan was among the bank’s largest partners and beneficiaries of the International Development Association (IDA), adding that Pakistan should make “optimal use” of the WB’s resources.

He also assured the Pakistani delegation of the bank’s continued support to Pakistan’s development effort.

Meanwhile, in an “extensive session” with IMF Managing Director Kristalina Georgieva and other senior IMF officials, Shaikh, along with the Pakistani delegation, provided an overview of the implementation of the IMF programme in Pakistan.

He also congratulated Georgieva on her recent appointment as the IMF managing director.

During the meeting, the adviser said that the results of the first quarter (of the financial year) had indicated that Pakistan’s economy was on the path to stabilisation, adding that the reforms initiated under the IMF programme were “demonstrating positive outcomes”.

As per the press release, Georgieva recognised the “tough decisions” that were being made and implemented to stabilise Pakistan’s economy. While appreciating the commitment of the government, she assured IMF’s continued support to the reform process.

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