Pak PM Shehbaz Sharif discusses new bailout package with IMF chief in Riyadh

According to the report of Geo News, the country is continuously struggling with the deteriorating economy, in such a situation, Pakistan Prime Minister Shahbaz Sharif discussed the new bailout package with International Monetary Fund (IMF) Chief Kristalina Georgieva on the sidelines of the special meeting of the World Economic Forum in Riyadh. discussed.

There was a discussion between Pak PM and IMF Chief on Sunday.

This was Shehbaz Sharif’s first meeting with the IMF chief after his re-election, as he reiterated his government’s commitment to getting Pakistan’s economy back on track, Geo News reported.

The statement issued by the Office of the Prime Minister of Pakistan said, “Both sides also discussed Pakistan’s entry into another IMF program to ensure that the gains made in the last year are consolidated and its economic development path Stay positive.”

Prime Minister Shehbaz expressed gratitude to IMF chief Georgieva for helping Pakistan get USD 3 billion SBA from the global lender last year, which was now almost exhausted.

The event took place a day before the IMF Executive Board meeting, which was to deliberate on the USD1.1 billion final tranche of a USD3 billion short-term loan program.

The Prime Minister announced during the meeting that he has given full authority to his Finance Minister Muhammad Aurangzeb to monitor the implementation of structural reforms, impose strict fiscal restraint and adopt sensible policies that will guarantee macroeconomic stability and long-term economic growth.

The Prime Minister was briefed by the IMF MD on the Organization’s perspective on the current programme, including the review process.

According to The News, Pakistan has formally requested the IMF to seek the next bailout package under the EFF, which could be augmented through climate financing and would likely total between USD6 and USD8 billion.

However, the exact scope and duration will not be known until May 2024, when consensus is reached on the main features of the upcoming plan.