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Wednesday, May 22, 2024

U.S. Reaffirms Support for Pakistan’s Economic Stability

Pakistan secures support from the United States, including affirmation of its economic reforms and negotiations with the IMF, aimed at stabilizing the nation's economy amidst formidable challenges.

In a statement on Thursday, the US State Department reiterated its steadfast backing for Pakistan’s economic advancement and efforts to shore up its fragile economy, notably through its ongoing negotiations with the International Monetary Fund (IMF).

During the daily press briefing, State Department spokesperson Matthew Miller emphasized Washington’s support for Pakistan’s strides in stabilizing its economy and managing its considerable debt load, including the recent agreement with the IMF.

Miller highlighted the IMF’s recent release of the final tranche of $1.1 billion under the $3 billion Stand-By Arrangement (SBA) as a positive step, acknowledging Pakistan’s progress in implementing economic reforms.

In response to questions regarding Pakistan’s economic reforms and negotiations with the IMF, the US State Department emphasized its unwavering support for Pakistan’s economic success, underscoring the importance of continued technical engagements, trade, and investment for bilateral relations.

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The State Department’s affirmation of support comes as Pakistan navigates discussions with the IMF for a new loan program aimed at stabilizing its economy amidst considerable debt obligations. With an IMF delegation set to visit Pakistan this month for further discussions, the country seeks to address economic challenges and secure necessary financial support for sustainable development.