Prime Minister Shehbaz Sharif, leading a Pakistani delegation, held a productive meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the ongoing United Nations General Assembly (UNGA) session in New York.

The meeting focused on strengthening economic cooperation and securing support for Pakistan’s economic recovery efforts. The IMF managing director expressed the Fund's support for Pakistan’s efforts and emphasized the importance of maintaining macroeconomic stability and promoting inclusive and sustainable growth.

Ms Georgieva also highlighted that the IMF’s 37-month $7 billion Extended Fund Facility (EFF) will play a crucial role in Pakistan’s economic revival.

Very productive meeting with 🇵🇰 Pakistan PM @CMShehbaz ! We discussed Pakistan’s new Fund-supported program helping ongoing recovery, disinflation, increased tax fairness, and reforms to create new jobs and inclusive growth. pic.twitter.com/Au6sYoUIf1
— Kristalina Georgieva (@KGeorgieva) September 26, 2024

After the meeting, Ms Georgieva posted on her official X account that she had a "productive meeting" with PM Sharif, where the two sides discussed Pakistan's new loan program recently approved by the Fund's Executive Board.

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"The program will help in economic recovery and poverty alleviation. The loan will help Pakistan implement reforms in increasing the tax net, creating new jobs and promoting inclusive growth," the MD further said.

Appreciating the collaboration with IMF for a successful staff-level agreement (SLA) for the 37-month $7 billion Extended Fund Facility (EFF) for Pakistan, Prime Minister Sharif highlighted the government's commitment to implementing structural reforms and promoting private sector development.

He also expressed appreciation for the IMF's technical assistance and capacity-building programs, which he said have helped to strengthen the country's institutions and improve its economic management.

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During the meeting, the two sides also discussed the urgent need for mobilising adaptation financing for climate change. Sources reveal that Pakistan has requested between $1 to $1.5 billion in climate financing to address the growing impact of climate change.

Although no formal agreement was reached during the meeting, both parties agreed that the issue would be discussed further when Pakistan's finance minister visits the IMF during the World Bank and IMF Annual Meetings next month in the US.

The two leaders agreed to strengthen cooperation between the government and the IMF to promote economic stability and growth.