The US State Department reiterated its firm backing for Pakistan’s economic endeavors, particularly its strides toward stabilizing its fragile economy and recent agreements with the International Monetary Fund (IMF).
During Thursday’s daily press briefing, State Department spokesperson Matthew Miller reaffirmed the United States’ steadfast support for Pakistan’s economic advancement, emphasizing the importance of its efforts to stabilize the economy, including recent agreements with the IMF.
Miller stated, “When it comes to efforts to stabilize its economy, including through reaching an agreement with the IMF, we support those efforts. We support the progress that Pakistan has made to stabilize its economy and manage its daunting debt burden.”
The remarks come on the heels of the IMF’s decision to release the final tranche of $1.1 billion to Pakistan under the $3 billion Stand-By Arrangement (SBA) on April 30. The IMF’s Executive Board completed the second and final review of Pakistan’s economic reform program, enabling the disbursement.
“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),” stated the IMF in an official statement.
Addressing Pakistan’s ongoing economic reforms, Miller underscored Washington’s encouragement for the government to prioritize and expand economic reforms to tackle its economic challenges. He reiterated the unwavering support of the United States for Pakistan’s economic success, highlighting ongoing engagements in technical, trade, and investment domains as priorities of the bilateral relationship.
It’s noteworthy that Pakistan has formally requested an extended and larger IMF program to stabilize its economy further. An IMF delegation is slated to visit the country later this month to discuss the matter extensively with Pakistani authorities.
The reaffirmation of US support underscores the significance of international collaboration in addressing Pakistan’s economic challenges and fostering sustainable growth.
The United States’ unwavering support for Pakistan’s economic endeavors, including its recent IMF agreements, signals a commitment to fostering stability and prosperity in the region.
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