IDB president assures PM of continued financial support to Pakistan

Dr. Sulaiman Al Jasser, President of the Islamic Development Bank (IDB), assured Prime Minister Shehbaz Sharif on Thursday of the bank’s sustained financial support for Pakistan.

He said without the IDB’s support, the IMF’s deal with Pakistan was difficult to materialize.

The prime minister said the Islamic Development Bank was an important partner of Pakistan, which helped it in difficult times.

He recalled his meeting with Sulaiman Jasser in France and said Pakistan was keen to further strengthen its partnership with the IDB.

He apprised the IDB president of the recently established Special Investment Facilitation Council for the promotion of investment in the country.

Sulaiman Al Jasser, President of the Islamic Development Bank (IDB), assured Prime Minister Shehbaz Sharif on Thursday of the bank’s sustained financial support for Pakistan.

The IDB president described Pakistan as a brotherly country and pledged to cooperate with PM Shehbaz over the phone, according to the PM Office.

The prime minister praised IDB President IDB for a one-billion-dollar loan to Pakistan, saying the money was also crucial in finalizing the standby arrangement with the International Monetary Fund (IMF)

https://www.economy.pk/imf-approves-3bn-loan-for-pakistan/

The organisation was formed to increase investment in various sectors of the country.

Dr. Sulaiman Al Jasser was invited to Pakistan by the Prime Minister.

Earlier, PM Shehbaz Sharif praised IMF Managing Director (MD) Kristalina Georgieva after the IMF executive board authorised a $3 billion loan for Pakistan.

PM Shehbaz Sharif stated on Twitter, “The approval of a $3 billion Stand-by Agreement by the IMF’s Executive Board a little while ago is a major step forward in the government’s efforts to stabilise the economy and achieve macroeconomic stability.”

“It strengthens Pakistan’s economic position to overcome short- to medium-term economic challenges, giving the next government fiscal space to chart the way forward,” the prime minister added.

“This milestone, which was achieved against the odds and against what appeared to be an impossible deadline, could not have been possible without excellent team effort.”

“I would like to thank Finance Minister Ishaq Dar and his team at the Ministry of Finance for their efforts.” “I would also like to express my gratitude to @KGeorgieva, MD of the IMF, and her team for their assistance and cooperation,” he concluded.

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