Prime Minister Shahbaz Sharif is set to meet with the heads of the International Monetary Fund (IMF) and the World Bank, as the IMF board convenes today to consider approving Pakistan’s loan program.
According to a report published in Dawn, PM Shahbaz expressed hope that the discussions held today will play a pivotal role in finalizing a new loan program with the IMF. He is expected to meet with IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga during the UN General Assembly session.
Earlier this month, Julie Kozack, the IMF’s Director of Strategic Communications, informed journalists in Washington that the IMF had called for a board meeting following assurances of necessary financing from Pakistan’s development partners.
Pakistani diplomats involved in financial matters have dismissed rumors that the loan agreement is at risk, emphasizing the significance of these high-level meetings. A formal approval from the IMF board is essential for the $7 billion loan agreement.
One of the key preconditions set by the IMF for a new loan agreement with Pakistan was securing bilateral financial support.
PM Shahbaz arrived in New York to attend the UN General Assembly meeting and has already met with the President of Maldives, Dr. Mohamed Muizzu, where both leaders agreed to enhance cooperation in various sectors including trade, tourism, and investment.
In the coming days, the Prime Minister will engage in bilateral discussions with various global leaders, including a meeting with UK Prime Minister Keir Starmer. While informal meetings with U.S. President Joe Biden are anticipated, a formal one-on-one meeting is not on the agenda.
PM Shahbaz is also expected to meet with Dr. Muhammad Yunus, the head of Bangladesh’s interim government, today.
During a press conference yesterday, Information Minister Attaullah Tarar emphasized that sustainable global peace is impossible without a permanent solution to the Palestine and Kashmir issues. He noted that PM Shahbaz has highlighted these matters in his meetings with various heads of state, advocating for the restoration of borders prior to 1967, which recognizes Jerusalem as the capital of Palestine.
Recently, Pakistan described the United Nations’ ‘Future Summit Agreement’ as a significant step towards global reforms. During the summit, Defense Minister Khawaja Asif urged for concrete actions to address global challenges, particularly the injustices occurring in Gaza.
While addressing the UN Future Summit, the Minister stated that the agreement could only be successful if the commitments made are fulfilled.
It is worth noting that this agreement, unanimously approved by global leaders, focuses on sustainable development, global peace, and financial reforms, with special emphasis on youth and future generations. He also warned against the expansion of permanent membership in the UN Security Council, stating that it could lead to further complications.
