UK envoy offers ‘all possible help’ to crisis-hit Pakistan
2 min read . Updated: 13 Apr 2023, 09:35 AM IST
PremiumThe active British high commissioner on Wednesday called on Minister for Finance and Revenue Senator Mohammad Ishaq Dar to discuss the current macroeconomic situation of the world along with cash-strapped Pakistan.
Acting British High Commissioner Andrew Dalgleish appreciated the incumbent Pakistani government for the measures it has taken for economic stability and offered ‘all possible help’ from the United Kingdom to overcome the ongoing financial collapse.
The active British high commissioner on Wednesday called on Minister for Finance and Revenue Senator Mohammad Ishaq Dar to discuss the current macroeconomic situation of the world along with cash-strapped Pakistan, according to a report published by Geotv.
Dar also briefed the British envoy on the progress of talks with the International Monetary Fund (IMF) for a bailout package which is still pending for approval. He also apprised him of the country's overall economic outlook.
The UK official further offered "all possible help" in mitigating the socioeconomic crisis. Pakistan's finance minister appreciated Dalgleish for his cooperation and support.
Pakistan has been struggling with its worst economic turmoil for the past months with multiple indicators clearly suggesting that the country is battling its worst nightmare since 1971 when the country lost a war against India and partitioned from Bangladesh.
The federal government has been in talks with the Washington-based financial body for the release of an economic bailout to overcome the financial collapse and revive the economy.
IMF has even lowered its forecast for Pakistan’s economic growth rate from 2 percent to just 0.5 percent for the current fiscal year. The revision in Pakistan’s growth prospects is in line with similar 0.4 percent and 0.6 percent projected last week by the World Bank and the Asian Development Bank, respectively.
The State Bank of Pakistan last week announced that the country's foreign reserves fell by $55 million to $9.76 billion by the week ending on March 31, 2023.
The official reserves of SBP fell by $36 million to $4.208 billion during the week ending on March 31, 2023, as compared to the previous week. However, the current forex reserves can still provide more than one month’s worth of import cover.