WASHINGTON: US Secretary of State Antony Blinken has welcomed the International Monetary Fund’s (IMF) approval of a programme to assist Pakistan, adding they stood by the people of Pakistan during these hard times.
US Welcomes Pakistan-IMF Agreement
In a statement via his Twitter account, the US top diplomat said, “We urge Islamabad to continue working with the International Monetary Fund toward macroeconomic reforms and economic recovery,”.
We stand by the Pakistani people during these hard times and welcome the International Monetary Fund's approval of a program to support Pakistan. We urge Pakistan to continue working with @IMFNews toward macroeconomic reforms and sustainable economic recovery.
— Secretary Antony Blinken (@SecBlinken) July 13, 2023
Earlier, Pakistan’s Finance Minister Ishaq Dar said that the International Monetary Fund has transferred $1.2 billion to the country’s central bank. Dar said that the IMF has transferred the first installment to State Bank of Pakistan (SBP) as part of the bailout package. Pakistan will receive the remaining amount after two reviews – one in November of the current year and the other in February of next year, Dar maintained.
The IMF Executive Board had approved a $3 billion bailout package to assist Pakistan’s economy. The IMF Board approved a nine-month Stand-by Arrangement in the amount of SDR2.25 billion.
In a statement, Pakistan’s Prime Minister Shehbaz Sharif hoped that the SBA will lend a helping hand to the efforts of the current government to stabilize the country’s economy.
