The International Monetary Fund (IMF) and Pakistan have reached a Stand-By Arrangement (SBA) agreement that will last for nine months. The United States has hailed the accord and stated that it will support Islamabad throughout this difficult period.
US welcomes staff-level agreement Pakistan and IMF: When questioned about claims that the US played a significant role in helping Pakistan win a $3 billion package from the IMF, US State Department spokesperson Matthew Miller responded in the negative.
“We support the Pakistani people in these trying times, is what I would say. We applaud the progress made in reaching a staff-level agreement between the IMF and Pakistan.
He responded, “Our support for the nation’s economic progress is steadfast.
Miller added that trade, investment, and technical contacts with Pakistan are “all of which are priorities for our bilateral relationship” and that the US will continue to do so.
We will continue to support Pakistan during this process even though we believe it has a lot of hard work ahead of it to be on a long-term sustainable path to economic growth and prosperity.
He made his remarks ahead of the Executive Board meeting of the fund, scheduled for July 12 (today), which will consider the $3 billion SBA for Pakistan for a nine-month period.
According to the IMF website’s calendar, the Executive Board has scheduled sessions for July 12, 13, 17, 19, and 20, 2023. However, it should be noted that as of the time this story was filed, Pakistan was not on the agenda.
The sources that the Board is expected to put Pakistan’s case on the agenda for Wednesday.
IMF Approves Staff-Level SBA Agreement with Pakistan, $1.1 Billion Installment Expected
On June 30, the IMF team and the Pakistani government came to a staff-level SBA agreement. The IMF’s Executive Board must approve this deal.
The official sources in the Finance Ministry that there is a good probability the IMF Executive Board will adopt the revised programme for Pakistan. Pakistan will get the $1.1 billion installment following the board of directors of the IMF’s approval.
The officials also questioned whether the US has concerns regarding Pakistan’s connections with China.
No, the United States doesn’t demand that Pakistan or any other nation choose between the PRC and the United States or between the United States and any other nation, Miller added.
”Our deep people-to-people relationships, and we will continue to seek ways to expand our collaboration and economic links,” he continued, referring to the foundation of Washington’s relations with Pakistan.
“Our economic cooperation with Pakistan reflects our goal for the region as one made up of independent, powerful, and rich countries. Additionally, the foundation of our interactions is one of mutual respect and cooperation.