Reimbursements : CSF transfer takes forex reserves to $19bn
First tranche of $337 million received by State Bank.
First tranche of $337 million received by State Bank. ILLUSTRATION. JAMAL KHURSHID
KARACHI:
Pakistan on Tuesday received $337 million from the United States for its ongoing role in combating a Taliban insurgency in neighbouring Afghanistan.
The injection of cash, which comes as the Taliban step up their annual summer offensive launched in late April, has helped Pakistan’s foreign exchange reserves reach a fresh high of about $19 billion, said officials at the State Bank of Pakistan.
Regular payments to Islamabad under the Coalition Support Fund (CSF) programme began in 2001 when Pakistan joined the US-led coalition in Afghanistan as a ‘frontline ally’. Pakistan provides use of its air bases and other facilities in exchange for the reimbursements.
In a one-line press note, the State Bank said it had received a total of $336.8 million under the CSF programme, which is the first tranche of a $1.5 billion payment scheduled for the current fiscal year ending June 30, 2016. Pakistan has received a total of $13 billion in CSF payments since the programme began.
US-led Nato forces ended their combat mission in Afghanistan in December, leaving local forces to battle militants alone, but a 13,000-strong residual force remains for training and counter-terrorism operations.
The Afghan government meanwhile conducted its first face-to-face talks with the Taliban on July 7 in Murree, aimed at ending the 14-year insurgency. But despite the willingness to engage in talks there has been no let-up in militant attacks, which are taking a heavy toll on civilians.
Published in The Express Tribune, July 29th, 2015.
Pakistan on Tuesday received $337 million from the United States for its ongoing role in combating a Taliban insurgency in neighbouring Afghanistan.
The injection of cash, which comes as the Taliban step up their annual summer offensive launched in late April, has helped Pakistan’s foreign exchange reserves reach a fresh high of about $19 billion, said officials at the State Bank of Pakistan.
Regular payments to Islamabad under the Coalition Support Fund (CSF) programme began in 2001 when Pakistan joined the US-led coalition in Afghanistan as a ‘frontline ally’. Pakistan provides use of its air bases and other facilities in exchange for the reimbursements.
In a one-line press note, the State Bank said it had received a total of $336.8 million under the CSF programme, which is the first tranche of a $1.5 billion payment scheduled for the current fiscal year ending June 30, 2016. Pakistan has received a total of $13 billion in CSF payments since the programme began.
US-led Nato forces ended their combat mission in Afghanistan in December, leaving local forces to battle militants alone, but a 13,000-strong residual force remains for training and counter-terrorism operations.
The Afghan government meanwhile conducted its first face-to-face talks with the Taliban on July 7 in Murree, aimed at ending the 14-year insurgency. But despite the willingness to engage in talks there has been no let-up in militant attacks, which are taking a heavy toll on civilians.
Published in The Express Tribune, July 29th, 2015.