Friendly countries’ confirmation of economic assistance soon

Internal adjustment within gasoline price, no new subsidy being announced, says Ahsan Iqbal at USAID conference

The International Monetary Fund (IMF)’s final condition, which will be followed by the staff-level agreement with the Fund, is likely to be confirmed by Pakistan’s friendly countries of economic assistance in the coming days, according to Minister for Planning and Development Ahsan Iqbal.

“Most of the requirements that the previous administration had agreed upon with the IMF have been met, but the Fund is still requesting confirmation from the friendly nations that are aiding Pakistan. We anticipate receiving the confirmation in the next few days, at which point the IMF agreement will move forward, Iqbal said reporters after delivering a speech at the US-Pakistan Diaspora and Private Sector for Flood Recovery and Rehabilitation Conference.

Three Memorandums of Understanding (MoUs), totaling $78 million, were signed at the conference, which was put on by the US Agency for International Development (USAID).

Ahsan Iqbal said that this is an internal adjustment within the gasoline price and there is no new subsidy being announced when asked about the alleged IMF opposition to the fuel subsidy offered by the government to the impoverished sector of society. He hoped that the IMF would support the government’s approach without raising any concerns.

The minister invited the US-Pakistan Diaspora to come out and assist the government’s efforts for the recovery and rehabilitation of the millions of flood-affected people in his speech at the conference.

At a meeting to rebuild better for communities in Pakistan hit by floods, US Ambassador Donald Blome acknowledged the significant efforts of the US-Pakistani diaspora and business sector in his remarks.

In order to help flood relief and recovery operations, disaster resilience, and food security, he said that the US government had so far committed more than $200 million, with the US-Pakistani diaspora having given roughly $42 million.

Ambassador Blome underscored the long-standing US-Pakistan relationship to advance social and humanitarian objectives, as well as Pakistan’s economic prosperity. The US is committed to assisting the US-Pakistani diaspora and Pakistan-based private companies find opportunities to strengthen climate resilience, pursue energy transformation, and foster economic growth and development outcomes. He emphasized the need for strengthening climate resilience through the US-Pakistan “Green Alliance” framework.