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Monday Oct 21 2019

IMF, WB assure continued support to Pakistan economy


ISLAMABAD: The International Monetary Fund (IMF) and World Bank (WB) have assured Pakistan of their continued support towards development efforts and economic reform process under the government, according to a press statement issued by the Finance Ministry here on Monday.

Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh and his team were in Washington DC to attend the annual meetings of IMF-WB-2019.

They held back to back meeting with the managing directors of the WB and the IMF to apprise them of the institutional reforms and steps undertaken during the last year to put the economy on the path to progress and stability.

In the first meeting, Dr Abdul Hafeez Shaikh and the Pakistan delegation held a meeting with WB Managing Director, Axel Van Trotsenburg and other and senior officials of the bank.

The adviser congratulated the new MD on his appointment and appreciated the support being provided by the World Bank to Pakistan.

He highlighted the government’s focus on expediting speedy rollout of the WB projects and actions being taken in this regard.

Trotsenburg mentioned that Pakistan was among the World Bank’s largest partners and beneficiaries of International Development Association (IDA) besides making optimal use of available World Bank resources.

He assured the Bank’s continued support to Pakistan’s development effort, the statement added.

In a separate meeting, the Adviser and the Pakistan delegation had an extensive session with the IMF Managing Director Krsitalina Georgieva and other senior Fund officials.

Shaikh congratulated the new MD on her appointment and gave an overview of the implementation of the IMF program in Pakistan.

He stated that the first quarter results indicated that Pakistan’s economy was on its path to stabilization, adding the reforms initiated under the IMF program were demonstrating positive outcomes.

Georgieva stated that the IMF recognised that tough decisions were being made and implemented to stabilise Pakistan’s economy.

She appreciated the commitment of the government and assured continued support of the IMF for the reform process.