The United States supports Pakistan’s IMF bailout agreement.

Web DeskJuly 12, 2023
The United States supports Pakistan's IMF bailout agreement.

The United States has hailed Pakistan and the International Monetary Fund’s (IMF) 9-month Stand-By Arrangement (SBA).

“We welcome the progress made between the IMF and Pakistan in reaching a staff-level agreement.” “Our commitment to the country’s economic success is unwavering,” US State Department spokesperson Matthew Miller said during a press conference.

He underlined that the US will assist Pakistan and increase trade and investment with the cash-strapped country. “We believe Pakistan has a lot of hard work ahead of it to be on a long-term sustainable path to economic recovery and prosperity, but we will continue to stand by them throughout that process,” he said.

Regarding Pakistan’s ties with China, Miller stated that the US government does not advise Pakistan or any other country to choose between the US and China.

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He went on to state that Pakistan and the United States have “close people-to-people ties” and that both countries will “continue to seek ways to expand our partnership and economic ties.”

The remarks by the US spokeswoman came before of the IMF Executive Board meeting on Pakistan’s short-term $3 billion bailout programme, which is slated for later today.

The new programme will last 9 months and will get $3 billion in financing throughout that time. If approved, the State Bank of Pakistan’s foreign reserves would increase significantly.

With this week’s unexpected $2 billion inflows from the Kingdom of Saudi Arabia, today’s IMF Board vote on Pakistan’s case might push SBP reserves above $7 billion.

With this week’s unexpected $2 billion inflows from the Kingdom of Saudi Arabia, today’s IMF Board vote on Pakistan’s case might push SBP reserves above $7 billion.

 

 

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