NEW YORK: In massive relief for the struggling Pakistani economy, the International Monetary Fund (IMF) has expressed its willingness to ease difficult conditions under the country’s loan program.
The story was shared by Finance Minister Miftah Ismail, who was in New York with Prime Minister Shehbaz Sharif for the 77th session of the United Nations General Assembly (UNGA).
The Pakistani delegation held a meeting with IMF MD Karistalina Georgieva and David Malpass, chairman of the World Bank Group, on the sidelines of the UNGA and addressed the problems the country faces due to the losses caused by unprecedented flood.
Miftah said the IMF MD had been asked to relax the conditions she expressed willingness to do so.
He said the World Bank had been contacted. It added that Pakistan will receive an additional $2 million from its lenders this year.
government led by Imran Khan has signed an agreement with the IMF. And PDM partner governments must adhere to the deal, he said. However, the PML-N government has received some relief from the International Monetary Fund. he added
Pakistan’s economic situation has changed after floods damaged cotton crops in Sindh, Miftah said. Pakistan will have to import cotton this year, he said.
“Pakistan must also import wheat. and will increase the current account deficit,” the finance minister said.
He also said the incumbent government was allocating 25,000 to 4 million individual flood-affected families under the Benazir Income Support Program (BISP).
Finance Minister rejects rumors of corruption in flood victims fund It stated that the report was false and unfounded.
Christalina Georgieva, M.D. IMF of the International Monetary Fund (IMF), previously acknowledged the difficulties Pakistan faces. Said she met Prime Minister Shehbaz Sharif constructively. and expressed deep sympathy for the devastation caused by the floods.
“The IMF will continue to support Pakistan under the current program. to help alleviate the pain of Pakistani people.”
