US Assures Pakistan of Economic Support and Engagement
US Acting Deputy Secretary of State Victoria Nuland spoke by phone with Pakistan’s Foreign Minister Jalil Abbas Jilani to reassure him of Washington’s support for stabilising Pakistan’s economy and its ongoing cooperation with the IMF.
The executive board of the multilateral lender approved a $3 billion, nine-month standby agreement (SBA) for Pakistan last month in order “to support the authorities’ economic stabilisation programme.”
The IMF stated in a statement that the board had approved the rescue package for the country for a sum of $2.25 billion in Special Drawing Rights, which are reserve cash that the organisation credits to the accounts of its member countries. This amounted to nearly $3 billion, or 111 percent of Pakistan’s quota, according to the IMF.
Caretaker Finance Minister Shamshad Mirza reportedly promised to steadfastly implement the policy actions committed under the SBA during the caretaker government’s tenure to ensure economic stability during an introductory virtual engagement with the IMF staff mission last week.
“They discussed broadening and deepening the US-Pakistan partnership on issues of mutual concern, including Pakistan’s economic stability, prosperity and continued engagement with the IMF (International Monetary Fund),” it said.
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The talks focused on “Pakistan’s economic stability, prosperity, and its continued engagement with the IMF,” the department’s spokesperson Matthew Miller stated.
The leaders discussed the importance of timely, free and fair elections in a manner consistent with Pakistan’s laws and constitution,“ he added.
Separately, in a post on social media platform X (erstwhile Twitter), Nuland said: “Appreciated our call today on our shared commitment to our bilateral relationship and Pakistan’s economic stability, security, and prosperity.”
The foreign minister is expected to accompany the interim prime minister to the 78th UNGA in New York next month. The Pakistani delegation, which will also include Shamshad, is hoping to have a series of meetings with US officials during their stay in New York.