Finance Minister Ishaq Dar met US Ambassador to Pakistan Donald Blome on Thursday and briefed him on Pakistan’s economic outlook and challenges.

According to a statement issued by the Finance Division, the finance minister also shared with the US envoy the “pragmatic policy decision” taken by Islamabad to “arrest the country’s economic decline and steer the economy towards a positive trajectory, leading to economic stability and growth”.

Dar also informed Ambassador Blome about the progress in talks between the Pakistan government and the International Monetary Fund (IMF), reiterating the former’s commitment to completing the loan programme.

Meanwhile, the US envoy expressed confidence in the policies and programmes being undertaken by the government for the country’s economic sustainability and the socio-economic uplift of the masses.

He also extended his support for further promoting bilateral, economic, investment and trade relations between the two countries.

For his part, Dar underlined that the two countries shared deep-rooted historic and durable bilateral relations on economic and trade fronts, the statement said.

It added that the two dignitaries also exchanged views on matters of common interest and showed interest in enhancing existing bilateral relations between the two countries. They also talked about various economic avenues in which both countries could further strengthen ties.

According to the statement, Dar thanked the US envoy on the occasion and reiterated the government’s desire to further deepen bilateral trade and investment ties with the US.

The IMF has been negotiating with Islamabad since early February to resume $1.1 billion in funding held since November, which is part of a $7 billion bailout agreed in 2019.

With central bank reserves falling to critical levels, the IMF tranche is critical for the country as it will also unlock other external financing avenues, helping Pakistan avert a default on its obligations.

Additional input from Reuters