ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Sunday met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva in Riyadh, where the two figures discussed a new loan program for the cash-strapped South Asian country, Sharif’s office said.
The meeting between PM Sharif and the IMF managing director took place on the sidelines of a two-day World Economic Forum (WEF) summit on global collaboration, growth and energy in the Saudi capital on April 28-29.
Sharif thanked Georgieva for her support to Pakistan in securing a $3 billion IMF loan program last year that is due to expire this month. The IMF executive board is expected to meet on Monday to decide on the disbursement of the final tranche of $1.1 billion to Pakistan.
“MD IMF shared her institution’s perspective on the ongoing program with Pakistan, including the review process,” PM Sharif’s office said in a statement.
“Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year are consolidated and its economic growth trajectory remains positive.”
Sharif informed the IMF chief that his government was fully committed to put Pakistan’s economy back on track, according to the statement.
He said he had directed his financial team, led by Finance Minister Muhammad Aurangzeb, to carry out structural reforms, ensure strict fiscal discipline and pursue prudent policies that would ensure macro-economic stability and sustained economic growth.
Pakistan secured the $3 billion IMF program in June last year, which helped it avert a sovereign default. Islamabad says it is seeking a loan over at least three years to help achieve macroeconomic stability and execute long-overdue reforms.
Finance Minister Aurangzeb has said Islamabad could secure a staff-level agreement on the new program by early July, though he has declined to detail what size of the program it seeks. If secured, it would be Pakistan’s 24th IMF bailout.
The $350 billion South Asian economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.
Pakistan’s finance ministry expects the economy to grow by 2.6 percent in the fiscal year ending in June, while average inflation for the year is projected to stand at 24 percent, down from 29.2 percent the previous fiscal year.
PM Sharif, IMF chief discuss Pakistan’s new loan program on WEF sidelines in Riyadh
https://arab.news/47j86
PM Sharif, IMF chief discuss Pakistan’s new loan program on WEF sidelines in Riyadh
- Pakistan’s $3 billion IMF loan program, which helped Islamabad avert a default last year, is due to end this month
- Pakistan faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt over next fiscal year
Pakistan joins 22 Muslim states, OIC to condemn Israeli FM’s visit to Somaliland
- Israeli Foreign Minister Gideon Saar visited breakaway African region of Somaliland on January 6
- Muslim states urge Israel to withdraw Somaliland recognition, respect Somalia’s sovereignty
ISLAMABAD: A joint statement by Pakistan, 22 other Muslim states and the Organization of Islamic Cooperation (OIC) on Thursday condemned Israeli Foreign Minister Gideon Saar’s recent visit to Somaliland as a violation of the African nation’s territorial integrity and sovereignty.
Saar’s visit to Somaliland capital Hargeisa on Jan. 6 followed Israel’s move last month to recognize Somaliland, a breakaway region from Somalia, as an independent country. The move drew a sharp reaction from Muslim states, including Pakistan, who said it was in contravention of the UN Charter and international norms.
Several international news outlets months earlier reported that Israel had contacted Somaliland over the potential resettlement of Palestinians forcibly removed from Gaza. Muslim countries fear Israel’s recognition of the breakaway region could be part of its plan to forcibly relocate Palestinians from Gaza to the region.
“The said visit constitutes a clear violation of the sovereignty and territorial integrity of the Federal Republic of Somalia, and undermines established international norms and the United Nations Charter,” the joint statement shared by Pakistan’s foreign office, read.
The joint statement was issued on behalf of 23 Muslim states, including Saudi Arabia, Bangladesh, Pakistan, Egypt, Iraq, Iran, Palestine, Jordan, Kuwait, Türkiye, Oman and others.
It reaffirmed support for Somalia’s territorial integrity and sovereignty, pointing out that respect for international law and non-interference in the internal affairs of sovereign states was necessary for regional stability.
“Encouraging secessionist agendas are unacceptable and risk exacerbating tensions in an already fragile region,” the statement said.
The joint statement urged Israel to revoke its recognition of the breakaway region.
“Israel should fully respect Somalia’s sovereignty, national unity and territorial integrity and honor its obligations in compliance with international law, and demand immediate revocation of the recognition issued by Israel,” the statement read.
Somaliland broke away from Somalia unilaterally in 1991 as a civil war raged in the country. Somaliland has its own constitution, parliament and currency, a move that has infuriated Somalia over the years as it insists the region is part of its territory.
