PAKISTAN: IMF Says Aid Not Linked To Pro-US Stance
Pakistan's textile industry is set to benefit from improved market access as part of a package of measures and financial assistance reported to have been drawn up by the US in exchange for the country's support for military operations in Afghanistan.
The International Monetary Fund announced on Monday that Pakistan was in line for a fresh lending package, but talked down its size and denied it was connected to the campaign against terrorism.
However, the statement coincided with the completion of a rescheduling agreement for nearly US$389m of bilateral debt with Pakistan by the US and reports that more help could be on its way in the shape of higher direct investment flows.
IMF first deputy managing director, Anne Krueger, said in Washington that Pakistan's likely access to a three-year lending package reflected its commitment to economic reform under its present US$560m one-year programme.
Although officials in the US maintain there are no links between the economic help and Pakistan's pledge to support US military operations, such debt relief would undoubtedly help Pakistan's government justify its pro-US stance to the public.
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