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
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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 launches first Hong Kong Convention-certified ship recycling yard
- Hong Kong International Convention aims to improve hazardous working conditions in ship recycling facilities worldwide
- Maritime affairs minister says certification reflects Islamabad’s efforts in implementing global environmental standards
ISLAMABAD: Maritime Affairs Minister Junaid Anwar Chaudhry inaugurated Pakistan’s first ship recycling facility certified by the Hong Kong International Convention on Wednesday, saying the move would help Islamabad meet global benchmarks in environmentally friendly ship recycling.
Pakistan became a party to the 2009 Hong Kong Convention in December 2023, which aims to improve hazardous working conditions in ship recycling facilities worldwide. The ship recycling industry in Pakistan and globally faces pressure from calls to adopt safer and cleaner methods.
Shipbreaking is a significant industry in Pakistan, particularly in the coastal town of Gadani in southwestern Balochistan, which was once one of the world’s largest ship recycling hubs. However, business has declined in recent years as Islamabad grapples with a macroeconomic crisis.
Chaudhry inaugurated the Prime Green Recycling Yard in Gadani during a ceremony. He highlighted that the certification demonstrated Pakistan’s alignment with international maritime and environmental standards in a sector long criticized for hazardous working conditions.
“The success of the Prime Green Recycling Yard is a matter of national pride and a clear signal that Pakistan is meeting global benchmarks for environmentally friendly ship recycling,” the Maritime Affairs Ministry quoted him as saying.
“Pakistan is emerging as a responsible country in the global ship recycling industry.”
The statement highlighted that the government was working to modernize the Gadani Ship Recycling Zone, focusing on infrastructure upgrades, regulatory reforms, and improved oversight.
It added that worker safety would remain a top priority as the industry transitions to cleaner and safer methods.
Chaudhry said modernizing the ship recycling sector could create thousands of jobs and conserve foreign exchange by providing locally sourced steel and materials.
“With a responsible and sustainable approach, ship recycling can become a major contributor to economic growth,” he said.
“It will reduce dependence on imports and strengthen Pakistan’s industrial base.”
Pakistan’s maritime sector, anchored by its long coastline and strategic ports such as Karachi, Port Qasim, and Gwadar, holds vast potential for the blue economy. However, it remains underutilized due to infrastructure gaps, policy inconsistencies, and limited shipping capacity.
