IMF, World Bank assure continued support for Pak economy

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Staff Report

Islamabad

The International Monetary Fund (IMF) and the World Bank (WB) provided assurances of their continued support to Pakistan’s economy in meetings with Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh, a press release issued by Finance Division Monday said.

According to the press release, Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh held back to back meeting with the managing directors of the World Bank and 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 meeting with World Bank Managing Director (Operations) Axel Van Trotsenburg and other senior officials, the premier’s advisor congratulated Trotsenburg on his appointment and appreciated the support the Bank had provided to Pakistan.

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

Trotsenburg mentioned that Pakistan was among the World Bank’s largest partners and beneficiaries of IDA. He said that Pakistan should make optimal use of available World Bank resources and assured the Bank’s continued support to Pakistan’s development effort.

Meanwhile, in an “extensive session” with IMF Managing Director Kristalina Georgieva and other senior IMF officials, Sheikh, along with the Pakistani delegation, provided an overview of the implementation of the IMF programme in Pakistan.

Dr Shaikh stated that the first quarter results indicated that Pakistan’s economy was on its path to stabilization. The reforms initiated under the IMF programme were demonstrating positive outcomes.

As per the press release, Georgieva stated that the IMF recognized that tough decisions were being made and implemented to stabilize Pakistan’s economy. She appreciated the commitment of the government and assured continued support of the IMF for the reform process.