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05 December 2004
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Sunday
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22 Shawwal 1425
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US lauds Pakistan's decision to exit IMF
By Our Correspondent
WASHINGTON, Dec 4: The United States has welcomed Pakistan's decision to opt out of the International Monetary Fund as a decision reflecting Pakistan's "increased economic strength."
In a statement issued on Friday, John Taylor, undersecretary of the US Treasury for international affairs, noted that Pakistan had decided to forego the final tranche of its approximate $1.5 billion Poverty Reduction and Growth Facility Programme.
"We congratulate the Pakistan government for its stewardship of the economy which has created an impressive turnaround since Pakistan entered the PRGF arrangement three years ago," he said.
Mr Taylor noted that not only had Pakistan successfully completed its second consecutive IMF programme, but it also had returned to international capital markets, and just last week received a credit rating upgrade.
"Foregoing the final tranche highlights Pakistan's increased economic strength and the confidence of its economic officials," he added.
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