Antony Blinken welcomes Pakistan-IMF agreement

WASHINGTON: US Secretary of State Antony Blinken has welcomed the loan agreement between Pakistan and International Monetary Fund (IMF), ARY News reported on Thursday.

Antony Blinken said in a tweet, “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,” he concluded.

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

Yesterday, the International Monetary Fund (IMF) approved a $3 billion loan for Pakistan after signing the staff-level agreement last month.

The loan was approved by the Executive Board of the International Monetary Fund (IMF).

Read more: UAE deposited $1 billion to SBP today: Ishaq Dar

According to an official statement, the International Monetary Fund has directed to immediately disburse $1.2 billion while the remaining $1.8 billion will be scheduled in November and February in two instalments after reviewing the policies.

The IMF executive board said that Pakistan has to strictly follow the policies which were finalized in the IMF deal and the target set in the budget should also be implemented.

The statement further read that Pakistan needs to keep the exchange rate on market based and the country needs to adopt strict monetary policy.

Read: US does not pressure Pakistan to pick sides between Washington, Beijing: State Dept

It is pertinent to mention here that on June 30, Pakistan signed a badly needed $3 billion staff-level agreement with the International Monetary Fund (IMF). International Monetary Fund (IMF) announced that a “Stand-By Arrangement” was reached successfully with Pakistan, valuing $3 billion for 9 months.

Earlier in the month, in the Department of State press briefing, spokesperson Matthew Miller addressed questions regarding the United States’ role in supporting Pakistan’s economic recovery and its stance on Pakistan’s relations with China.

Miller reiterated the United States’ vision for the region, which envisions independent, strong, and prosperous nations. He underlined that the United States’ relationships with other countries, including Pakistan, are founded on a spirit of respect and partnership.

There were media reports suggesting that the United States played a vital role in assisting Pakistan in securing a $3 billion package from the International Monetary Fund (IMF). Seeking confirmation on the credibility of these reports, ARY’s Jahanzaib Ali asked Miller to shed light on the matter.

Miller responded by emphasizing the United States’ support for the Pakistani people during challenging times. He acknowledged the progress made between Pakistan and the IMF, highlighting the staff-level agreement reached.