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Tuesday June 18, 2024

US supports Pakistan’s efforts for its economy including IMF deal: State Dept

We support progress that Pakistan has made to stabilise its economy and manage debt," says State Dept spokesperson

By Web Desk
May 03, 2024
US State Department Spokesperson Matthew Miller is addressing a press briefing at the US Department of State on January 4, 2024. —Screengrab/US Department of State/YouTube
US State Department Spokesperson Matthew Miller is addressing a press briefing at the US Department of State on January 4, 2024. —Screengrab/US Department of State/YouTube

The United States State Department said on Thursday that Washington's support, for Pakistan’s efforts to stabilise its economy including reaching a deal with the International Monetary Fund (IMF), was "unwavering".

"We support the progress that Pakistan has made to stabilise its economy and manage its daunting debt burden," said US State Department’s spokesperson Matthew Miller while replying to a query at his press briefing. He said Washington supported Pakistan’s efforts in this regard including reaching an agreement with the IMF.

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, the State Department spokesperson said the US encouraged the Pakistani government to prioritise and expand economic reforms to address its economic challenges.

"Our support for Pakistan’s economic success is unwavering and 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 stated.

It is important to note that Pakistan has formally requested for an extended and larger debt 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.