ISLAMABAD, March 18: The United States would sign a formal agreement with Pakistan in April to write off its $460 million debt under the previously-agreed US financial assistance package.

This was agreed to here on Thursday during a meeting between US Under Secretary of State for Economic Affairs Alan Larson and Finance Minister Shaukat Aziz.

Mr Larson also informed the minister that the US Exim Bank had upgraded Pakistan's rating which would mean that the bank will offer expanded financing facility to Pakistan's public-sector entities.

An official statement said Mr Larson also assured of continued US financial and technical assistance in the implementation of reforms programme in Pakistan. He also praised the "rapid and exemplary achievements" on the economic front and stated that if the reforms stayed on course, Pakistan was poised to develop its economy in the same fashion as some East Asian countries had.

Finance Minister Shaukat Aziz welcomed the opening of Exim Bank financing for Pakistan and the increased overall cooperation between the two countries.

Aziz also updated Mr Larson on the developments in the economy of Pakistan. He mentioned that the economy was likely to achieve a high growth rate and appreciable increase in per capita income.

A press release of the US Exim bank said it will offer expanded financing opportunities for US exports to the public sector in Pakistan. This financing will now be available to support Pakistan's purchases of the US equipment and services where repayments of the financing are assured by the sovereign guarantee of the Pakistan government.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...