ISLAMABAD: The International Monetary Fund (IMF) and the World Bank have assured continued support to Pakistan’s economy.
The assurances were given by the managing directors of the IMF and the Work Bank during separate meetings with Adviser on Finance Abdul Hafeez Sheikh in Washington.
During a meeting with Managing Director of World Bank Axel Van Trotsenburg, Adviser on Finance Hafeez Sheikh highlighted the government’s focus on expediting speedy rollout of the World Bank’s projects and actions being taken in this regard. He also appreciated the support being provided by the bank to Pakistan.
Axel Van Trotsenburg mentioned that Pakistan was among the World Bank’s largest partners and beneficiaries of the International Development Association. He said that Pakistan should make optimal use of available World Bank resources and assured the Bank’s continued support to Pakistan’s development effort.
In a separate meeting, Abdul Hafeez Shaikh and his delegation held an extensive session with the IMF Managing Director Krsitalina Georgieva and other senior fund officials.
The Adviser on Finance gave an overview of the implementation of the IMF program in Pakistan. He stated that the first quarter results indicated that Pakistan’s economy was on its path to stabilization. The reforms initiated under the IMF program were demonstrating positive outcomes.
Ms Georgieva stated that the IMF recognized that tough decisions were being made and implemented to stabilize Pakistan’s economy. She appreciated the commitment of the government and assured continued support of the IMF for the reform process.
On Oct 18, Pakistan had escaped the Financial Action Task Force (FATF) blacklist as the global money-laundering watchdog has given it until February 2020 to meet the standards.
“Pakistan needs to do more and do it faster,” the FATF warned after culmination of its week-long plenary session in Paris on Oct 18. Pakistan risks being placed on terror financing blacklist along Iran and North Korea.
Pakistan will remain in the grey list until February to improve its counter-terror financing operations in line with an internationally agreed action plan or face actions against it, the FATF said.