The United States (US) has urged Pakistan to “unlock” the much-needed funds from the IMF by continuing to cooperate with the global lender to improve the cash-strapped country’s economy and trade environment.
On Wednesday, US State Department Spokesman Ned Price told reporters that the US is helping Pakistan put itself on a sustainable growth path by working with its allies in that country and the International Monetary Fund.
US Support For Pakistan
“In the end, it will be up to our Pakistani counterparts to make the necessary decisions to release this IMF financing. Price stated that the United States supports Pakistan’s continued cooperation with the IMF, particularly in regards to changes that would enhance the country’s economic climate.
We expect it to boost Pakistani companies’ competitiveness and bring in high-quality investments, he said.
They boost the competitiveness of Pakistani companies who work with them, leading to economic expansion that raises wages and creates more jobs.
“We believe that by continuing along this path and continuing to make the appropriate economic decisions, Pakistan can place itself on a path to sustained growth,” Price said in answer to a question.
And, he continued, “the United States is ready and able to continue to be a partner to the people of Pakistan,” whether those difficulties be economic, security, or politics.
Despite Pakistan’s best efforts, it has been unable to satisfy the IMF’s stringent requirements for accessing the next installment of a $6.5 billion credit facility.
For the release of a $1.1 billion tranche under the loan facility, the cash-strapped country is taking numerous procedures at the Fund’s insistence, including publishing a mini-budget to garner additional tax revenues of 170 billion by hiking the GST rate from 17% to 18%.
Ahead of a planned rally by former Pakistani Prime Minister Imran Khan, US Secretary of State Price expressed sorrow for the recent deaths caused by riots in Pakistan and urged everyone to exercise patience.
“Please exercise some self-control. Sincere condolences to the victims’ loved ones, and best wishes for a rapid recovery to the injured,” he stated.
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