IMF, World Bank express support for Pakistan on floods

WB provides $372m, commits to repurposing $850m towards flood relief
<p>PM Shehbaz in a meeting with IMF Managing Director Kristalina Georgieva</p>

PM Shehbaz in a meeting with IMF Managing Director Kristalina Georgieva

The world’s top financial institutions on Wednesday they expressed their commitment to supporting Pakistan through the ongoing flood crisis and subsequent rehabilitation and reconstruction.

This was expressed in separate meetings with Prime Minister Shehbaz Sharif in New York on the sidelines of the United Nations General Assembly.

Shehbaz met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva and World Bank Group’s President David R. Malpass.

Of the meeting with Gerogieva, there was little information released publicly.

In a tweet by Georgieva, she expressed her deep sympathy over the devastation caused by the floods.

She added, “very constructive meeting with PM Shehbaz.”

“The IMF will continue to support Pakistan under the current program to help ease the pain of the Pakistani people,” she said.

WB to provide $372m

Prime Minister Shehbaz Sharif also met with World Bank Group President David R. Malpass on the sidelines of the 77th UN General Assembly Session in New York.

The two discussed World Bank’s ongoing engagement with Pakistan to strengthen its infrastructure, agriculture, rural and urban development, social service, as well as economic growth.

Shehbaz appreciated the World Bank’s partnership with Pakistan and informed him about the government’s steps to introduce economic policies focused on strengthening the economy, price stability and maintaining the sustainability of the external and fiscal sectors.

He also spoke of the government’s pressing requirements for additional investment and financial resources from the global community to mitigate the devastating impact of climate change on the people and economy of Pakistan. He thanked the World Bank Group for repurposing the funds toward flood relief activities and providing $372 million.

Malpass stressed that Pakistan must be prioritized for resilient reconstruction through the international community’s collective support.

 PM Shehbaz Sharif along with Foreign Minister Bilawal Bhutto Zardari, Information Minister Marriyum Aurangzaib, Finance Minister Miftah Ismail and SAPM Tariq Fatemi hold a meeting with World Bank Group President David R Malpass and his team. PHOTO: GOVT HANDOUT
PM Shehbaz Sharif along with Foreign Minister Bilawal Bhutto Zardari, Information Minister Marriyum Aurangzaib, Finance Minister Miftah Ismail and SAPM Tariq Fatemi hold a meeting with World Bank Group President David R Malpass and his team. PHOTO: GOVT HANDOUT

He also expressed the World Bank Group’s readiness to support Pakistan in its reconstruction and rehabilitation endeavors and committed to repurposing $850 million immediately to help Pakistan with its flood relief efforts.

The two sides also agreed to continue working together to strengthen governance and service delivery in Pakistan through institutional reforms.

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