Pakistan PM discusses new loan programme with IMF chief Georgieva

Pakistan Prime Minister Shehbaz Sharif has met IMF chief Kristalina Georgieva and discussed a new loan programme for the cash-strapped country to put the economy back on track.

Pakistan Prime Minister Shehbaz Sharif has met IMF chief Kristalina Georgieva and discussed a new loan programme for the cash-strapped country to put the economy back on track.

In a meeting on the sidelines of the World Economic Forum (WEF) Special Meeting in Riyadh, the premier thanked Ms. Georgieva, the International Monetary Fund (IMF) Managing Director, for her support to Pakistan in securing the USD 3 billion standby arrangement (SBA) from IMF last year that was now nearing its completion.

Pakistan secured the USD 3 billion IMF programme in June last year, which helped it avert a sovereign default.

Pakistan is seeking a new long-term Extended Fund Facility (EFF) after the current SBA expires this month.

“Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year were consolidated and its economic growth trajectory remained positive,” according to a statement issued by the Pakistan PM’s office on Sunday.

Mr. Sharif reiterated his government’s commitment to put Pakistan’s economy back on track.

Finance Minister Muhammad Aurangzeb has said Islamabad could secure a staff-level agreement on the new programme by early July.