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WASHINGTON, March 10 (PTI) – US President Joe Biden has proposed doubling cash-strapped Pakistan’s economic support fund to $82 million in fiscal year 2024 to help it recover from devastating floods, achieving Diversify energy supplies and support the establishment of operational readiness for emergencies.
“Aid to Pakistan will expand private sector economic growth; strengthen democratic institutions; and advance gender equality and women’s empowerment,” the State Department said.
Read also | Afghanistan earthquake: 4.1 magnitude quake hits Faizabad.
In Pakistan, the aid would support the country’s recovery from devastating floods, diversify its energy supply and support activities to build capacity for emergency preparedness, the State Department’s budget proposal to Congress said.
The budget proposes to provide Pakistan with $82 million under the economic support fund category for fiscal year 2024 starting in October. Support for 2022 is $39 million.
Pakistan also proposed $17 million under the international narcotics and law enforcement category and a further $3.5 million under the international military education and training category. The government has also proposed to provide Pakistan with $32 million under USAID’s global health program category.
Debt-struggled Pakistan’s government is in a race against time to take steps to strike a deal with the International Monetary Fund (IMF) as the country’s reserves reportedly only cover three weeks of essential imports.
Reaching an agreement with the IMF to complete the ninth review of the $7 billion Lending Expansion Facility Program – which has been delayed since late last year due to policy frameworks – will not only result in $1.2 billion in payouts, but will also free Money flows in from friendly countries.
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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