Monday, March 27, 2023

US President Biden proposes to double the economic aid fund to Pakistan facing cash crunch – Usky News

WASHINGTON: US President Joe Biden has earmarked an economic assistance fund to beleaguered Pakistan for fiscal year 2024 to support activities to help it recover from devastating floods, diversify energy supplies and build emergency preparedness capabilities. has been proposed to be doubled to US$ 82 million.
“Aid to Pakistan will expand private sector economic growth, strengthen democratic institutions, and promote gender equality and women’s empowerment,” the State Department said.
In Pakistan, the aid would support the country’s recovery from devastating floods, diversify energy supplies, and support activities to build emergency preparedness capabilities, the State Department’s budgetary proposal was sent to Congress.
The budget proposes to give USD 82 million to Pakistan under the economic assistance fund category for the fiscal year 2024 starting October. The support in 2022 was USD 39 million.
Pakistan is also proposed to receive USD 17 million under the International Anti-Narcotics and Law Enforcement category and USD 3.5 million under the International Military Education and Training category. The administration has proposed USD 32 million to Pakistan under the Global Health Program category by the US Agency for International Development (USAID).
The debt-ridden Pakistan government is in a race against time to implement measures to reach an agreement with the International Monetary Fund (IMF) as the country has barely enough reserves for three weeks of essential imports.
Agreement with the IMF on the completion of the ninth review of the US$7 billion Extended Fund Facility program – which has been delayed over a policy framework since late last year – will not only disburse $1.2 billion but also unlock inflows. from friendly countries.


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