Dar informs US envoy of measures taken to meet financial obligations

Federal Minister for Finance and Revenue Mohammad Ishaq Dar on Wednesday shared with Donald Blome, the US Ambassador to Pakistan, the government’s measures taken to meet its financial obligations, according to a statement issued by the Finance Division.

During the meeting, the finance minister shared economic policies and priorities of the government to address the challenging economic environment. Dar told Blome that the present government remains concerned about the well-being of the masses therefore a number of measures are being undertaken in this regard.

Dar informed the US envoy about the government’s plans related to revenues and expenditures for meeting its national as well as international financial obligations.

He shared various economic avenues in which both countries can further deepen their economic relations.

The two sides exchanged views on matters of common interest and enhance the existing bilateral relations between both countries.

Blome expressed confidence on the policies and programmes of the government for economic sustainability and socio-economic uplift of the masses. He extended his support to further promote bilateral economic, investment and trade relations between both countries, added the Finance Division statement.

Earlier during the day, Dar informed that the Board of the China Development Bank (CDB) has approved the disbursement of $700 million for Pakistan.

“Formalities completed and Board of China Development Bank has approved the facility of $700 million for Pakistan,” Dar announced in a post on social media platform.

“This amount is expected to be received this week by the State Bank of Pakistan which will shore up its forex reserves!” added Dar.

The development comes as foreign exchange reserves held by the SBP increased $276 million to $3.19 billion, data released last week showed. Total liquid foreign reserves held by the country stood at $8.7 billion. Net foreign reserves held by commercial banks stood at $5.51 billion.

Pakistan remains in talks with the International Monetary Fund (IMF) for the resumption of the stalled Extended Fund Facility (EFF) programme.