US Wants Pakistan in Economically Sustainable Position

According to a State Department official, Pakistan’s financial stability is being discussed inside the US government.

According to US State Department Spokesperson Ned Price, Washington wants Pakistan to be in a “economically sustainable position,” and Pakistan’s macroeconomic stability is being discussed inside the US administration.

The comment was made at a briefing on Wednesday in response to a question on if the US had suggestions for Pakistan to cope with a lack of FX reserves and stabilise its economy.

Depleting foreign exchange reserves and a worsening political crisis have put the Shehhbaz Sharif-led government in a difficult position, as the International Monetary Fund’s (IMF) conditions are proving a bitter pill for the administration, but there is no other way out except to implement the reforms demanded by the lender of last resort.

“The Department of State and our counterparts — the White House, the Treasury Department, and others — are discussing Pakistan’s macroeconomic stability,” he added.

The US is also “attuned” to Pakistan’s economic issues, according to the spokeswoman, and is aware that the government is working with the IMF and other multilateral creditors.

He stated that the US supports Pakistan wherever feasible, but that the major participants in the relief negotiations are the government in Islamabad and international financial institutions.

“We want Pakistan to be economically self-sufficient. Those discussions, as far as I can tell, are ongoing. We help our Pakistani colleagues where we can, but ultimately these are discussions between Pakistan and foreign financial institutions “The price has not changed.

The official also added that the interactions between Pakistani authorities and the US finance department “sometimes do contain technological challenges”.

It should be noted that the US government and other friendly nations have advised Pakistan to implement the reforms sought by international institutions in order to achieve economic growth, and have linked monetary assistance to the restart of the IMF programme, which has been stalled since September 2022.

Govt Ready for ‘Tough Decisions’

PM Shehbaz indicated a wish to conclude the rescue package earlier this month during a phone conversation with the IMF president, but little progress has been made thus far.

In related news, the administration has finally chosen to make “difficult decisions” to restart the IMF loan programme.

The difficult options include raising gas and electricity rates and releasing a mini-budget to impose additional taxation measures in order to raise Rs150-200 billion.

According to official sources, the premier presided over a three-and-a-half-hour online meeting on Wednesday, during which crucial decisions were made. This meeting, however, is scheduled to be reconvened on Thursday (today) to make more important decisions.”

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