PM asks IMF to consider flood impact on Pakistan’s economy in review

Prime Minister Shehbaz Sharif has asked the International Monetary Fund (IMF) to take into account the economic damage caused by recent floods in Pakistan during its upcoming review. He said natural disasters have made Pakistan’s already weak economy even more fragile.

The request came during a meeting with IMF Managing Director Kristalina Georgieva at the United Nations General Assembly in New York. The Prime Minister thanked the IMF for its long-standing support to Pakistan, especially since Georgieva became head of the Fund.

Sharif mentioned the IMF’s recent help, including a $3 billion Stand-By Arrangement in 2024, a $7 billion Extended Fund Facility, and a $1.4 billion Resilience and Sustainability Facility. These efforts helped stabilize Pakistan’s economy during difficult times.

He said Pakistan is committed to following the IMF’s program but asked for flexibility due to flood-related losses.

Georgieva expressed sympathy for the flood victims and stressed the importance of accurate damage assessments for effective recovery. She praised Pakistan’s reform efforts and promised continued IMF support for the country’s economic growth.

Pakistan has faced ongoing challenges from natural disasters, including devastating floods in 2022. These events have caused large economic losses, displaced millions, and increased inflation and financial pressures.

The meeting shows Pakistan’s effort to highlight its challenge of managing tough economic reforms while responding to humanitarian and climate crises.