PM Shehbaz meets IMF chief, urges lender to release stalled funds

In a meeting held on the sidelines of the Summit for a New Global Financial Pact in Paris, Prime Minister Shehbaz Sharif on Thursday engaged with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, urging the IMF to expedite the release of stalled funds.

During the meeting, Shehbaz outlined the robust economic measures implemented by his government to bolster growth and stability within the nation. He underscored the successful completion of all prerequisites for the 9th review under the Extended Fund Facility (EFF), firmly reiterating Pakistan's unwavering commitment to fulfill its obligations as agreed with the IMF. Echoing the aspirations of the Pakistani people, the prime minister expressed hope that the allocated funds would be promptly disbursed, fortifying ongoing efforts towards economic stabilization and providing much-needed relief.

In response, Kristalina Georgieva, the IMF's Managing Director, shared the institution's perspective on the ongoing review process, taking stock of the progress made by Pakistan.

It is worth noting that Pakistan's foreign currency reserves currently teeter on the precipice, barely sufficient to cover imports for a single month.

With expectations to unlock $1.1 billion in November, the IMF's insistence on meeting specific benchmarks before further disbursements has become paramount. With only one remaining IMF board review on the horizon, slated to conclude the $6.5 billion EFF program, Pakistan faces the arduous task of presenting a budget aligned with programme objectives, reinstating the proper functioning of the foreign exchange market, and bridging a $6 billion gap prior to the review.

The pressing need to secure the release of IMF funds underscores Pakistan's steadfast commitment to achieving financial stability. As the nation strives to meet the IMF's stringent requirements, the timely disbursal of funds holds the key to alleviating economic pressures and ensuring a brighter future for its citizens.