PM Shehbaz urges IMF to factor in flood damage in review
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NEW YORK : Prime Minister Shehbaz Sharif has called on the International Monetary Fund (IMF) to consider the devastating economic fallout of recent floods in Pakistan during its upcoming programme review.
Speaking in New York on Wednesday, on the sidelines of the 80th UN General Assembly, the premier met IMF Managing Director Kristalina Georgieva. He highlighted the widespread destruction caused by record monsoon rains and dam releases from India, which have submerged vast parts of Punjab and Sindh since late June. According to the NDMA, over 1,000 people have lost their lives, more than 2.5 million have been displaced, and farmland, homes, and industry have suffered extensive damage, threatening food security and exports.
Shehbaz praised IMF’s support through the $3bn Stand-By Arrangement, the $7bn Extended Fund Facility, and the $1.4bn Resilience and Sustainability Facility. He stressed that Pakistan’s reform agenda is stabilising the economy despite severe climate challenges.
Georgieva expressed sympathy for the victims, underlined the need for a damage assessment, and assured continued IMF backing for reforms and sustainable growth.
Separately, Shehbaz met World Bank President Ajay Banga, welcoming the $40bn Country Partnership Framework focused on reforms, privatisation, and climate resilience.