In order to revive the key International Monetary Fund programme, the cash-strapped government requested assistance from Washington.
Robert Kaproth, the deputy assistant secretary of the US Department of the Treasury for Asia, met with Federal Minister for Finance Ishaq Dar on Wednesday and was given an overview of Pakistan’s economic prospects by the country’s finance minister.
According to reports in the local media, Dar reportedly assured US Treasury officials that Islamabad would uphold all of its commitments and was currently making difficult decisions, such as raising the price of gas and electricity, to get the nation of more than 220 million people back on track through reforms.
Dar did, however, add that “Pakistan required breathing space” in reference to the devastating floods of 2022 that struck the whole nation.
He informed the members who were in town that changes were being implemented across the board, especially in the energy and capital markets, to boost economic growth. Dar added that the smuggling of US money into the nearby nations of Afghanistan and Iran was also putting pressure on the Pakistani currency.
Dar stated that the nation was headed for progress and development and praised the strict measures implemented by the current administration. Additionally, he educated Robert Kaproth and the group on the effects of floods on the economy and the harm they cause.