Islamabad: International Monetary Fund (IMF) Managing Director Kristalina Georgieva expressed her concerns about economic situation of Pakistan.

She was speaking at World Economic Forum session in capital of Saudi Arabia, Riyadh. She said that China’s performance in first quarter was better than expected, while Pakistan was facing significant difficulties. According to Georgieva, Egypt has performed better but it still has difficulties.

Expressing her thoughts she said, “Global economy had suffered more than $ 3 trillion losses due to coronavirus endemic. Less developed countries had to face more losses due to endemic.” Some countries, like China and Indonesia, had steered out of coronavirus crisis.

Speaking about economic situation of advanced economies, Georgieva said: “Economy of United States is better, but situation in Eurozone is not good.”

She said that performance of emerging markets like Indonesia, Malaysia and India is also good. “IMF has three basic priorities. First priority is to bring inflation down to target. It is also IMF’s target to create balance between income and expenditures,” said Georgieva.

She said, “Endemic and wars had depleted reserves of many countries. There will be more hardships in coming days.”

Published in The Daily National Courier, April, 29 2024

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