Pakistan Appeals to IMF for Flood Impact Consideration

Pakistan Prime Minister Shehbaz Sharif has urged the International Monetary Fund (IMF) to account for the economic impact of recent catastrophic floods during its forthcoming review of a $7 billion loan. In discussions with IMF chief Kristalina Georgieva, Sharif emphasized that despite the nation making steady progress on meeting the lender's program targets, the floods had significantly impacted Pakistan's economy.

The Prime Minister expressed gratitude for the IMF's assistance through various programs, all of which have helped stabilize Pakistan's economy. Highlighting a pressing need, Sharif urged for a reevaluation of the economic damage caused by the floods in order to align the IMF's expectations with ground realities.

In parallel meetings, Sharif engaged with World Bank President Ajay Banga to acknowledge the institution's continued support, especially in crisis times like the COVID-19 pandemic and recent floods. With a focus on macroeconomic stabilization and resilience-building reforms, Sharif stressed the importance of ongoing collaboration under the World Bank's Country Partnership Framework, which pledges an unprecedented $40 billion for Pakistan's advancement.

(With inputs from agencies.)