Finance Minister Ishaq Dar discussed Pakistan’s economic situation and progress made on the ongoing International Monetary Fund (IMF) programme with Andrew Schofer, Charge’d Affaires of the Embassy of USA, who called on him.
As per a statement released by the Finance Division on Wednesday, Dar assured the US envoy that the government remains committed to completing the IMF programme.
The bailout is crucial for the South Asian economy, which has been faced with a barrage of woes with a perceived default risk and a downgrade by international rating agencies reflecting the state of the economy that has also had to bear major political turmoil and frequent change in key leadership.
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The IMF funding is also critical for Pakistan to unlock other external financing avenues, and the two have been negotiating since early February to resume funding held since November.
The country is also dealing with low foreign exchange reserves. Foreign exchange reserves held by the State Bank of Pakistan (SBP) are currently at $4.46 billion, barely enough for a month of essential imports.
During the meeting on Wednesday, the finance minister apprised the US envoy of Pakistan’s economy and discussed the current challenges being faced by the country, read the statement.
“He further communicated about the difficult policy decisions recently being taken by the government with the aim of stabilising the economy and then taking the economy on an upward curve ensuring sustainable and inclusive growth,” it added.
The US diplomat voiced his confidence in the policies and programmes of government for economic stability of the country and extended support to advance the existing economic and trade relations between both the countries, read the statement.
Meanwhile, the finance minister reiterated the desire of the Pakistani government to further expand bilateral trade and investment ties with the USA.
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