PM meets IMF chief, hopes for funds release at earliest

PARIS: Prime Minister Shehbaz Sharif Thursday met International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva and said in a tweet that Pakistan “keenly looks forward” to the lender’s Executive Board’s “approval for the 9th Review at the earliest”.

“It was a pleasure to meet you and have a productive exchange of views on the IMF’s continued engagement with Pakistan,” he said in response to IMF MD’s tweet about her meeting with him.

The premier said his government was fully committed to the ongoing Extended Fund Facility (EFF) that was set to expire this month.

“Though all prior actions for the 9th Review have been completed, we are willing to take further steps jointly with the IMF. Pakistan keenly looks forward to IMF Board’s approval for the 9th Review at the earliest,” added the PM.

During his meeting, PM Shehbaz Sharif urged the IMF MD to unlock stalled funds as Pakistan had met all conditions. The two sides exchanged views on the ongoing programmes and cooperation between Pakistan and the Washington-based lender. Recalling their last telephonic conversation, the prime minister apprised Georgieva of Pakistan’s economic outlook. He outlined the steps taken by his government for economic growth and stability, underscoring that all prior actions for the 9th Review under the EFF had been completed, and Pakistan was fully committed to fulfilling its obligations as agreed with the Fund. The prime minister expressed the hope that the funds allocated under the EFF would be released as soon as possible. “This would help strengthen Pakistan’s ongoing efforts towards economic stabilisation and bring relief to its people.” Georgieva said in her tweet: “Very pleased to meet Pakistan PM on the margins of the Paris Summit.

“We had a fruitful discussion on how the IMF can continue to work closely with Pakistan on policies to maintain macroeconomic stability and advance inclusive growth for the Pakistani people.”

Later, speaking at the summit for a “New Global Financing Pact”, Prime Minister Shehbaz Sharif called on the international community to come up with a plan for fair, equitable and judicious distribution of resources to ensure sustainable peace and harmony in the world. He said North had made progress and they would look forward to implementing its experiences in Pakistan, for providing jobs and livelihoods and for promoting industry and agriculture by learning from its model of success. “It must be remembered that if South is in trouble, the world can’t move forward. We are like one body and if one limb of the body is in trouble, it is painful for the rest of the body as well.”

The prime minister said last year, Pakistan faced devastating floods due to climate change and in those floods, 33 million people were affected, millions of acres of standing crops were washed away, 1,700 people including children died and half a million animals were drowned. Two million houses were either completely demolished or partially damaged, he said, adding the people of Pakistan bravely faced the devastating impacts of the floods. He said his government had to spend hundreds of millions of dollars from its own scarce resources to give financial assistance to the flood affected all over the country.

“We are very grateful to friendly countries across the globe for the valuable and timely contribution,” he added.

He said the international financial institutions agreed to give loans for help of millions of people, but it would have burdened Pakistan, further exacerbating the already precarious financial situation. Shehbaz said he took the United Nations Secretary General to the flood affected areas where city after city was sunk. Thousands of women gave birth to children in the camps set up for the flood affected, he recalled, adding in far-flung areas, the government had to provide food, medicine, water and education at temporary camps.

He said the people of Pakistan faced crises and problems in the past courageously and they would also overcome the adverse effects of the floods. He urged the world to come forward to generously provide opportunity and assistance through a mechanism, which satisfied the most vulnerable having bare minimum.

“It will create harmony in terms of economic justice and fairness. It is never too late to say no to injustice.” He appreciated French President Emmanuel Macron for organising the summit to discuss the very important subject related to financing issues of humanity.

Meanwhile, on the sidelines of the summit, PM Shehbaz Sharif held meetings with different world leaders and discussed bilateral ties and cooperation between Pakistan and their respective countries. The premier met Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Mohammad bin Salman, French President Emmanuel Macron, President of Egypt Abdel Fattah el-Sisi, UN Secretary-General Antonio Guterres and others.

Besides discussing matters relating to mutual interests, Shehbaz Sharif and Mohammad bin Salman agreed to further expand the shared actions to promote bilateral cooperation in diverse areas. The PM expressed his best wishes for the Saudi crown prince. Prince Muhammad bin Salman also expressed his goodwill for the Pakistani government and its people. The PM also met French President Emmanuel Macron and said supporting the debt-burdened developing countries under New Global Financing Pact was the need of the hour for the relief of their people. He said the disastrous impacts of climate change had exacerbated the difficulties of the already suffering developing states.

He appreciated the French president for hosting the summit and inviting him to the event as well as for the warm hospitality. The French president thanked the prime minister for participating in the summit. The prime minister also met United Nations Secretary-General Antonio Guterres on the sidelines of the summit and discussed the challenges of climate change, being faced by the world, especially Pakistan.

The PM warmly welcomed the UN Secretary-General and expressed his best wishes to him. In response, Antonio Guterres also expressed goodwill to PM Shehbaz.

Shehbaz told the UN Secretary-General that he considered him the benefactor of Pakistan as “we cannot forget your help during the last year’s floods”. He said the UN Secretary-General was a witness of the devastation caused by climate change in the country. The prime minister also held a meeting with the President of Egypt Abdel Fattah el-Sisi wherein the two leaders agreed to strengthen bilateral cooperation in multiple fields. The prime minister said that the establishment of loss and damage fund at COP27 held in Sharm El-Sheikh was an important development.