Washington: The US State Department Thursday extended an “unwavering support” for Pakistan’s economic success and its progress to stabilise fragile economy including through reaching an agreement with the International Monetary Fund (IMF).
State Department’s spokesperson Matthew Miller said this in response to a query during his daily press briefing.
“When it comes to efforts to stabilise its economy, including through reaching an agreement with the IMF, we support those efforts. We support the progress that Pakistan has made to stabilise its economy and manage its daunting debt burden,” he stated. The Washington-based lender, on April 30, released the last tranche of $1.1 billion for Pakistan under the $3 billion Stand-By Arrangement (SBA). “The Executive Board of the IMF completed the second and final review of Pakistan’s economic reform programme supported by the IMF’s Stand-By Arrangement (SBA),” the Fund had said in an official statement issued on its website.
“The Board’s decision allows for an immediate disbursement of SDR 828 million (around $1.1 billion), bringing total disbursements under the arrangement to SDR 2.250 billion (about $3 billion).”
On economic reforms in Pakistan, Miller said Washington encouraged the government to prioritise and expand economic reforms to address its economic challenges, and its support for Pakistan’s economic success was unwavering.
“We will continue to engage with them through technical engagements as well as through our trade and investment ties, all of which are priorities of our bilateral relationship,” he maintained.
It is important to note that Pakistan has formally requested for an extended and larger in order to stabilise the economy. An IMF delegation is expected to visit the country this month to discuss the matter in detail with the Pakistani authorities. –Agencies
