WASHINGTON: Pakistani ambassador to the United States Asad Majeed Khan has said the support received from measures taken to provide debt relief to the coronavirus-hit developing countries helped in coping with a difficult economic situation.
“I must say we received good support,” the Pakistani envoy told the television service of NASDAQ, an American stock exchange.
At the same time, the envoy pointed out that the crisis stemming from the pandemic could not have come at a worse time for Pakistan because the tough economic reforms undertaken by the government over the last one year had just begun to produce results.
“We had started to see the fruits of those measures in terms of improved growth rate, in terms of enhanced exports, in terms of greater industrialised activity but because of coronavirus, you know, it has unfortunately thrown a spanner in the works for us,” Ambassador Khan said.
“So despite the challenges that we face, our government has still been able to come up with a stimulus package in form of cash payments. We are trying to do our best to look after the vulnerable population by giving cash directly into their hands and also providing them subsidised rations.”
Elaborating the steps related to the Global Debt Initiative, the ambassador said Pakistan availed $1.4 billion from the International Monetary Fund’s (IMF) Rapid Finance Facility when the country was cash-strapped.
He said Pakistan has requested G-20 nations for a deferment plan hope to receive another $1.8 billion relief adding that the World Bank had also come forward with their assistance. He said these measures have helped Pakistan in coping up with the extraordinary and difficult situation.
Replying to a question, the envoy said that the United States has been generous in providing a much-needed capacity building support to Pakistan. “We have so far received around the $21 million that I assume is perhaps one of the highest amount that the US has given out to any of its partner countries,” he said.
In addition, the envoy said the Association of Physicians of Pakistani Descent of North America (APPNA) as well as the Pakistani-American diaspora had made important contributions. He said that Pakistan has a liberal and deregulated investment regime that makes it an attractive destination for investors.
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