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| 19 March 2004 | Friday | 27 Muharram 1425 |
Agreement for $460m write-off next month
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.
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