Blome optimistic on Pakistan-IMF talks, hails new economic team

US ambassador says global lender’s positive feedback would encourage investors

US Ambassador to Pakistan Donald Blome on Wednesday hailed the new economic team of Pakistan and expressed optimism regarding the ongoing discussions between Pakistan and the International Monetary Fund (IMF).

The executive board of the IMF will meet on April 29 to discuss the approval of $1.1 billion funding for the country.

The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which it secured last summer to avert a sovereign default and which runs out this month.

Read more: Aurangzeb foresees $10b reserves with IMF nod

The country is seeking a new long-term, larger IMF loan. Finance Minister Muhammad Aurangzeb has said that Islamabad could secure a staff-level agreement on the new programme by early July.

In a meeting with Chairman Senate Syed Yousuf Raza Gillani, Blome praised the efforts of Pakistan’s economic team and emphasized the potential for further economic cooperation between Pakistan and the US, according to a news release.

Acknowledging the positive economic indicators of Pakistan, the ambassador noted the downward trend in inflation and high dollar reserves, stating that the IMF’s positive feedback would encourage investors.

Also read: PM office bonuses raise IMF concerns

He also highlighted the flourishing gaming industry in Pakistan and called for enhanced cooperation in the digital sector. Both discussed the importance of parliamentary contacts.

He also acknowledged Pakistan’s counter-terrorism efforts and reiterated US support in combating terrorism, recognising the significant impact of terrorism on the country.

Chairman Senate appreciated the US government for its collaboration across various sectors and emphasised the need to enhance trade links for mutual benefit. He stressed the need for increased cooperation to boost trade volume.

Both sides engaged in detailed deliberations on various aspects of the enduring friendship between Pakistan and the United States.

Ambassador Blome extended the heartiest congratulations to Chairman Senate Syed Yousuf Raza Gillani on being elected as Chairman Senate and conveyed his best wishes for a successful tenure.

Expressing Pakistan’s commitment to nurturing its long-standing friendly ties with the US, the Chairman Senate emphasised the importance of further promoting parliamentary relations between the two nations.

He underscored the pivotal role that parliamentary contacts can play in enhancing public and legislative engagement. Recognising the significant economic partnership between the two countries, Gillani highlighted the US as Pakistan’s largest trading partner.

Chairman Senate underscored the challenges faced by students and businessmen in obtaining US visas and called for further streamlining the visa process.

With additional input from APP