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
Pakistani immigration agents express concern over US visa ban
- Trump’s administration is suspending immigrant visas for applicants from 75 countries
- The pause will begin on January 21, a State Department spokesperson said this week
Pakistani immigration agents and members of the public expressed concern to US immigration ban on Thursday.
US President Donald Trump’s administration is suspending processing for immigrant visas for applicants from 75 countries, a State Department spokesperson said on Wednesday, as part of Washington’s intensifying immigration crackdown.
The pause, which will impact applicants from Latin American countries including Brazil, Colombia, and Uruguay, Balkan countries such as Bosnia and Albania, South Asian countries Pakistan and Bangladesh, and those from many nations in Africa, the Middle East, and the Caribbean, will begin on January 21, the spokesperson said.
“It is a matter of concern,” said travel and immigration agent, Mohammad Yaseen, in Karachi, Pakistan’s biggest city.
“All these people who were waiting for a long time for their visas to be issued, they also had an appointment date, their visas would be suspended. They will be affected by this news and this ban,” he added.
A local resident and banker, Amar Ali, said the ban will economically dent Pakistan because many Pakistanis earn and send dollars back home which boosts its economy.
Another local resident, Anwer Farooqui, urged President Trump to reconsider this decision and keep Pakistan, which is a very reliable friend of the United States, at the same level.
The cable, sent to US missions, said there were indications that nationals from these countries had sought public benefits in the United States.
The move, which was first reported by Fox News, does not impact US visitor visas, which have been in the spotlight given the United States is hosting the 2026 World Cup and 2028 Olympics.
The decision follows a November directive to US diplomats asking them to ensure that visa applicants are financially self-sufficient and do not risk becoming dependent on government subsidies during their stay in the US, according to a State Department cable seen by Reuters at the time.
Trump has pursued a sweeping immigration crackdown since returning to office in January. His administration has aggressively prioritized immigration enforcement, sending federal agents to major US cities and sparking violent confrontations with both migrants and US citizens.
