US envoy assures swift transfer of outstanding dues. PHOTO: AFP
The United States is to release $352 million out of $1.4 billion that Pakistan was due to receive under the Coalition Support Fund (CSF), providing a much needed lifeline to the dwindling foreign currency reserves that are at a 12-year low.
The announcement came following a meeting between US Ambassador Richard Olson and Finance Minister Ishaq Dar. Olson said the outstanding amount would be disbursed soon.
According to finance ministry, the latest releases were on account of expenses that Pakistan incurred during the January-March 2013 period for the current fiscal year.
Despite the delay in release, the CSF disbursements will supplement the foreign currency reserves, which are not even enough to back a month’s import bill. In December, Islamabad had requested Washington to speed up the process of releasing about $900 million on account of services that Islamabad has rendered in the global fight against terrorism. Earlier, the US had released the first tranche of $322 million.
Pakistan has always treated CSF as its right while arguing that it is not aid but disbursement of the funds that its forces have already spent on the ground.
On separate occasions, Finance Minister Ishaq Dar has urged the defence authorities of both the countries to fast track the process of submitting claims and their subsequent clearance by the US Congress.
Expressing the desire to strengthen ties between the two countries, Olson assured the finance minister that Washington will expedite the process of payment of the remaining amount of the CSF.
Published in The Express Tribune, February 12th, 2014.
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