New Delhi: The US offered a significant financial aid to cash-scrapped Pakistan, in which the former has proposed to double economic support fund to $82 million for fiscal 2024.
“Assistance to Pakistan will expand private sector economic growth; strengthen democratic institutions; and advance gender equity and women’s empowerment,” said the US State Department.
The state department further mentioned that the additional assisatnace will help Pakistan cope up with the devastation, which was an outcome of the floods in the country. In the deteriorating situation in Pakistan, there is a lack in energy and frequent power cuts in the major parts including Karachi.
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Earlier in 2022, the US was offering support of $39 million. Pakistan has their foreign exchange reserves at the lowest in 10 years.
The US’ help comes at a time when Pakistan is witnessing a critical financial status with a little hope to bounce back to the normal. Natives in Pakistan have facing a all-time high inflation as the prices of crude oil and even milk are touching sky.
Meanwhile, US President Joe Biden also asked the Pakistani authorities to work out with the International Monetary Fund (IMF) to get much-needed funds from the global investors.
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“Ultimately, it is going to have to be decisions on the part of our Pakistani counterparts to unlock this IMF funding. We encourage Pakistan to continue working with the IMF, especially on reforms that will improve Pakistan’s business environment,” Price said
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