New york: Prime Minister Mian Muhammad Shehbaz Sharif met Ajay Banga, President of the World Bank Group (WBG), on the sidelines of the 80thSession of the United Nations General Assembly.
Prime Minister Shehbaz Sharif appreciated Banga's leadership in transforming the World Bank into a faster, more efficient and impactful development partner, with renewed focus on simplifying operations and mobilizing private sector resources. He lauded the Bank's long-standing support to Pakistan, particularly during the COVID-19 pandemic and the devastating 2022 floods.
The Prime Minister apprised the World Bank President of the Government's comprehensive reform agenda, encompassing resource mobilization, energy sector reforms, privatization and measures to build resilience against climate change. He reiterated that the reform agenda had steered Pakistan towards macroeconomic stabilization, restored investor confidence and promoted sustainable and inclusive economic growth.
The Prime Minister expressed appreciation for the World Bank's new Country Partnership Framework (2026-2035), under which the World Bank has committed an unprecedented US$ 40 billion for Pakistan. The Prime Minister reaffirmed Pakistan's commitment to ensure its effective implementation in close coordination with provincial governments.
President World Bank appreciated the reform measures being undertaken by Pakistan and reaffirmed the Bank's commitment to Pakistan's development agenda. He emphasized the Bank's readiness to extend continued support for advancing economic reforms and undertaking long-term initiatives on climate resilience under the new CPF.
Both sides reiterated their resolve to further strengthen cooperation under the Country Partnership Framework in order to advance Pakistan's development priorities.
Meanwhile Prime Minister Muhammad Shehbaz Sharif met Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the sidelines of the 80thSession of the United Nations General Assembly.
The Prime Minister appreciated the IMF's longstanding constructive partnership with Pakistan, which under, Georgieva's leadership, had strengthened further. He acknowledged the IMF's timely support under various instruments, including the Stand By Arrangement for USD 3 billion in FY 2024 followed by the Extended Fund Facility (EFF) of USD 7 billion and Resilience and Sustainability Facility (RSF) of USD 1.4 billion.
Today, with the institution of deep-rooted structural reforms, Pakistan's economy was showing positive signs of stabilization and was now moving towards recovery. The Prime Minister appreciated the IMF's support in this regard that had been instrumental in guiding the Government's economic reform efforts.
While emphasizing that Pakistan was making steady progress towards meeting the various targets and commitments under the IMF program, the Prime Minister said that the impact of the recent floods on Pakistan's economy must be factored into the IMF's review.
The IMF Managing Director expressed her sympathy to all people affected by the floods. She noted the importance of the damage assessment to underpin recovery priorities. The IMF Managing Director commended the Prime Minister's commitment to pursuing sound macro-economic policies and reiterated the IMF's continued support as Pakistan advances the necessary economic reforms to ensure sustainable long term economic growth.