ISLAMABAD – Pakistan has make a formal request to the United States for help in revival of the much-needed loan programme with the International Monetary Fund (IMF) amid shrinking foreign exchange reserves and record inflation, it emerged on Thursday.
The claim was made in reports after US Ambassador of Pakistan Donald Blome called on Finance Minister Ishaq Dar.
An official statement released by the Ministry of Finance said both officials exchanged views on matters of mutual interest and way forward for enhancing the existing bilateral investment and trade relations between the two countries.
However, reports said the Pakistani finance minister sought his cooperation to woo the global lender that has laid forth tough condition for the cash-strapped country.
During the meeting, Dar informed him about Saudi Arabia had conveyed to the IMF its commitment to provide $2 billion in funds to Pakistan. He also told the US envoy that talks were underway with the UAE to secured $1 billion pledge.
The economic quagmire could deepen if the IMF bailout is delayed further as foreign exchange reserves continue to deplete. Currently, total foreign reserves stand at $9.82 billion with the State Bank of Pakistan holding only $4.24 billion, which is barely enough for three weeks’ imports.
However, reports said the Pakistani finance minister sought his cooperation to woo the global lender that has laid forth tough condition for the cash-strapped country.
During the meeting, Dar informed him about Saudi Arabia had conveyed to the IMF its commitment to provide $2 billion in funds to Pakistan. He also told the US envoy that talks were underway with the UAE to secured $1 billion pledge.
The economic quagmire could deepen if the IMF bailout is delayed further as foreign exchange reserves continue to deplete. Currently, total foreign reserves stand at $9.82 billion with the State Bank of Pakistan holding only $4.24 billion, which is barely enough for three weeks’ imports.