Pakistan’s ongoing struggle with the rapidly depleting foreign currency reserves has caught the attention of US Congressman Al Green, who has called upon the Joe Biden-led administration to step up and provide assistance to the South Asian nation through the International Monetary Fund (IMF) and World Bank.
Addressing the Congress Finance Committee, Green highlighted Pakistan as a prime example of the devastating consequences of climate change.
“In light of the floods that ravaged Pakistan since June 2022, I implore you to utilize your influence to aid this nation in dire need of support from the IMF and the World Bank,” Green expressed, employing the phrase “good offices” to emphasize the role he envisions for the US government.
The congressman expressed his dismay at the global warming denial prevalent in the US, while Pakistan continues to bear the brunt. “Although Pakistan only contributes around 1% of global greenhouse gases, the country is still suffering immensely. We, on the other hand, account for over 10%. It is crucial that we take action,” he urged the relevant authorities, using the phrase “do what you can” to emphasize their responsibility.
Pakistan has been actively working to salvage a loan program with the IMF in order to prevent default. Columbia Threadneedle Investments reports that Pakistan is facing approximately $22 billion in external debt payments for the fiscal year 2024, which is approximately five times the value of its reserves.
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