Pakistan urges the IMF to consider the impact of floods on the next program review

• Pakistan makes progress on IMF goals: PM Shehbaz
• Says the country’s economy to move towards the recovery.
• Over 1,000 were killed by June 26 in the rain, floods: NDMA.

Prime Minister Shehbaz Sharif said that Pakistan is making steady progress on the objectives set out in the framework of the International Monetary Fund program (IMF), but stressed that the financial impact of recent floods during the upcoming review should be taken into account.

Mass floods across the country have hit both the rural heart and industrial centers for the first time in decades, causing damage to billions of dollars while attracting food, exports and a fragile economic recovery.

The rainfall of the monsoon since the end of June, reinforced by India barrier releases, have plunged large series of Punjab and Sindh, the two most densely populated and economically vital provinces.

Over 1,000 people were killed since June 26, the National Disaster Management Authority reported, and over 2.5 million people have been evacuated to Punjab and Sindh.

The Prime Minister, at a meeting with IMF chief executive Kristalina Georgieva, on the sidelines of UNGA on Wednesday, appreciated the long -term constructive cooperation of the IMF with Pakistan, which was further strengthened under the leadership of the leader.

It recognized the IMF’s timely support under various media, including the stand-by agreement for $ 3 billion in 2024, followed by an extensive EFF unit (EFF) of $ 7 billion.

“Today, with the Foundation of Structural Reforms deeply rooted, Pakistan’s economy [is] Presenting positive signs of stabilization and is now moving towards recovery, “Prime Minister Shehbaz said and estimates the IMF’s support to guide the efforts of government economic reform.

The IMF chief executive expressed its sympathy to all people affected by the floods and noted the importance of assessing damage to support recovery priorities.

The IMF chief praised the prime minister’s commitment to pursue healthy macroeconomic policies and reiterated the continued support of the IMF as Pakistan promotes the necessary economic reforms to ensure sustainable long -term economic growth.

Meanwhile, at a meeting with Ajay Banga World Bank chairman, Prime Minister Shehbaz informed him of the integrated reform agenda of the government, which includes the mobilization of resources, energy -efficient reforms, privatization and measures to build.

He reiterated that the agenda of the reform had directed Pakistan to macroeconomic stabilization, restored investor confidence and promoted sustainable and without exclusion of economic growth.

– with additional entry from Reuters