United States Ambassador Donald Blome on Monday highlighted Washington’s ongoing support for Pakistan’s economic reforms agenda in a meeting with Finance Minister Muhammad Aurangzeb, the US embassy said in a statement, as Islamabad seeks a larger loan program from the International Monetary Fund (IMF) to stabilize its fragile economy.
Reeling from low foreign exchange reserves, massive currency devaluation and high inflation since the past two years, Pakistan faces a chronic balance of payment crisis. The South Asian country last month completed a short-term $3 billion IMF loan program that helped it avert a sovereign default. However, Prime Minister Shehbaz Sharif continues to stress the need for longer-term program from the international lender to stabilize Pakistan.
The IMF has pressed upon Islamabad to undertake vital economic reforms which include overhauling loss-making state-owned enterprises, introducing tax, energy and power reforms in exchange for a fresh loan program.
Pakistan views the US as a key ally that can help alleviate its economic crisis, considering its huge influence within the IMF.
“US Ambassador Donald Blome met today with Finance Minister Muhammad Aurangzeb to discuss key aspects of the US-Pakistan trade, investment, and economic relationship,” US Mission Spokesperson Thomas Montgomery said on Monday.
“The Ambassador highlighted ongoing US support for Pakistan’s economic reform agenda.”
