French President Emmanuel Macron said Paris is ready to support Pakistan in talks with financial institutions, as the country has suffered huge losses due to recent floods.
Pakistan and the United Nations co-host the International Conference on Pakistan, which aims to mobilize support for the country’s reconstruction after the devastating floods.
France will continue to provide expertise and some financial support to the country, Macron said in a video address during the Geneva talks.
The floods, blamed on climate change, dealt a severe blow to Pakistan’s strained economy when nearly 8 million people were displaced and at least 1,700 were killed. The rebuilding effort is now estimated to cost more than $16 billion.
An International Monetary Fund (IMF) delegation will also meet Finance Minister Ishaq Dar on the sidelines of a conference in Geneva, a spokesman for the lender said on Sunday, as Pakistan struggles to restart its bailout program.
The lender is yet to approve the release of $1.1 billion originally due to be disbursed in November last year as Pakistan has enough foreign exchange reserves to cover just one month of imports.
“The IMF delegation is expected to meet Finance Minister (Ishaq) Dar on the sidelines of the Geneva conference to discuss outstanding issues and the way forward,” an IMF spokesman told Reuters in a message.
A timeline and financing plan for the reconstruction effort are key points of discussion to clear the ninth review that would release $1.1 billion in IMF funds and unlock other international funds.
Dar has recently criticized the IMF, publicly saying the lender is behaving “abnormally” in its dealings with Pakistan, which entered into a $7 billion bailout program in 2019.
The IMF spokesperson also said its managing director Kristalina Georgieva had a “constructive call” with Sharif on the Geneva conference and supported Pakistan’s restructuring efforts.
In a phone call with the prime minister, Georgieva expressed her sympathies to those directly affected by the floods and supported Pakistan’s efforts for a more resilient recovery, the statement added.
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