NEW YORK: Prime Minister Shehbaz Sharif has urged the International Monetary Fund (IMF) to factor in the devastating economic impact of recent floods during its upcoming review of Pakistan’s programme.
He made the remarks in New York on Wednesday during a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the 80th United Nations General Assembly session.
Pakistan has faced record monsoon rains since late June, intensified by dam releases from India, which have submerged vast areas of Punjab and Sindh. According to the National Disaster Management Authority, over 1,000 people have died since 26 June, while more than 2.5 million residents have been displaced. Massive damage to farmland and industry has threatened food supplies, exports and recovery efforts.
IMF commitments
The premier appreciated the IMF’s longstanding partnership with Pakistan and its timely support under various arrangements. These include the $3bn Stand-By Arrangement for FY 2024, the $7bn Extended Fund Facility (EFF), and the $1.4bn Resilience and Sustainability Facility (RSF). He said Pakistan’s economy is showing signs of stabilisation and recovery following deep-rooted structural reforms.
Georgieva expressed sympathy for flood-affected communities, stressed the importance of a comprehensive damage assessment and commended Shehbaz’s commitment to sound macroeconomic policies. She assured continued IMF support as Pakistan pursues reforms aimed at ensuring sustainable growth.
World Bank support
Separately, Shehbaz met World Bank Group President Ajay Banga and briefed him on Pakistan’s reform agenda, covering resource mobilisation, privatisation, energy sector reforms and climate resilience measures. He also welcomed the $40bn Country Partnership Framework (CPF) and pledged close coordination with provincial governments for effective implementation.
Banga reaffirmed the bank’s commitment to Pakistan’s development priorities and readiness to extend support for long-term economic reforms and climate resilience under the CPF. Both sides reiterated their resolve to deepen cooperation
