Pakistan PM Shahbaz Sharif (file photo)
Islamabad: Pakistan’s economic condition is poor and inflation is at its peak. Pakistan is not getting relief from the debt burden. Meanwhile, Pakistan Prime Minister Shahbaz Sharif has met IMF chief Kristalina Georgieva. Shehbaz Sharif has discussed with Kristalina Georgieva a new loan program to bring his country’s cash-strapped economy back on track.
Pakistan is demanding
On the sidelines of a meeting of the World Economic Forum (WEF) in Riyadh, Sharif thanked International Monetary Fund Managing Director Georgieva for supporting Pakistan in securing a standby arrangement (SBA) of US$3 billion. Pakistan had received an IMF program worth US$3 billion in June last year. Pakistan is seeking a new Long-Term Extended Fund Facility (EFF) after the existing SBA expires this month.
Statement issued by PM office
According to a statement issued by the Prime Minister’s Office, “Both sides also discussed another IMF program for Pakistan to ensure that the gains made over the last year are consolidated and economic growth remains positive.” Reiterated his government’s commitment to bring Pakistan’s economy back on track. Finance Minister Mohammad Aurangzeb said Islamabad could achieve staff-level agreement on the new program by early July. If Pakistan gets this help, it will be its 24th help from IMF. (Language)
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