Paris: Paris’s president, Emmanuel Macron, stated that France was prepared to assist Pakistan in its discussions with financial institutions as the nation deals with significant flood damage.
The International Conference on Resilient Pakistan, which aims to rally support for the nation’s reconstruction following disastrous floods, is being co-hosted by Pakistan and the United Nations.
In a video speech during the Geneva debate, Macron promised that France will keep lending the nation its knowledge and some financial assistance.
The floods, which were attributed to climate change, caused at least 1,700 fatalities and displaced 8 million people, severely harming Pakistan’s already fragile economy. Currently, the cost of reconstruction is anticipated to be around $16 billion.
IMF delegation to meet Ishaq Dar
As Pakistan attempts to restart its bailout programme, a group from the International Monetary Fund (IMF) will also meet with Finance Minister Ishaq Dar in Geneva during a conference, an IMF official announced on Sunday.
Pakistan only has enough foreign exchange reserves to cover one month’s worth of imports as a result of the lender’s failure to authorise the release of $1.1 billion that was originally scheduled to be paid out in November of last year.
The IMF delegation is anticipated to meet with Finance Minister (Ishaq) Dar outside of the Geneva conference to talk about unresolved concerns and the way forward, an IMF spokesperson told Reuters.
In negotiations to pass the ninth review, which will release $1.1 billion in IMF funds and open additional international investment as well, a plan outlining a schedule and the financing of the reconstruction effort has been a sticking point.
Dar recently criticised the IMF, claiming that the institution was behaving “abnormally” in its interactions with Pakistan, which enrolled in the $7 billion bailout programme in 2019.
The IMF spokeswoman added that Kristalina Georgieva, the organization’s managing director, had a “productive call” with Sharif regarding the Geneva summit and backed Pakistan’s reconstruction efforts.
Georgieva spoke with the prime minister during the call and emphasised her support for Pakistan’s efforts to create a more resilient recovery, according to the statement.