In telephone call with Bhutto-Zardari, Blinken reiterates support for Pakistan’s economic recovery

In this file photo, taken on May 18, 2022, US Secretary of State Antony Blinken (R) meets with Pakistani Foreign Minister Bilawal Bhutto Zardari at United Nations headquarters in New York. (AFP/File)
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Updated 25 July 2023
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In telephone call with Bhutto-Zardari, Blinken reiterates support for Pakistan’s economic recovery

  • US Secretary of State Antony Blinken says Washington supports ‘productive, democratic, and prosperous’ partnership with Pakistan
  • Blinken’s statement comes after the International Monetary Fund approved a $3 billion standby agreement for Pakistan on July 12

ISLAMABAD: US Secretary of State Antony Blinken expressed hope for Pakistan’s economic recovery during a conversation with Foreign Minister Bilawal Bhutto-Zardari on Tuesday, reiterating Washington’s support for a “productive, democratic, and prosperous” partnership with the South Asian country.

The International Monetary Fund (IMF) approved a $3 billion bailout standby agreement for Pakistan on July 12, helping the country avoid imminent sovereign default. Facing an acute balance of payments crisis amid mounting debt, a weak currency and depleting reserves, Pakistan had sought critical support from Washington, Riyadh, Abu Dhabi and Beijing to secure the much-needed funds from the IMF.

Earlier this month, US State Department Spokesperson Matthew Miller, when questioned whether his country had played a part in helping Pakistan secure the IMF deal, stressed Washington stood by Pakistanis during their economic hardships and said America’s support for Pakistan’s economic success is “unwavering.”

“The United States supports a productive, democratic, and prosperous partnership with Pakistan,” Blinken wrote in a Twitter post early Tuesday morning. “Had a good call with Bilawal Bhutto Zardari to discuss our support for Pakistan’s economic recovery and our shared regional concerns, including Afghanistan.”

Meanwhile, Pakistan’s Ministry of Foreign Affairs (MoFA) said the two leaders noted the positive momentum of Pakistan-US relations during their conversation over the phone, agreeing to remain “constructively engaged” to promote peace, security and development.

Once close allies during the Cold War era and after the September 11, 2001 attacks, ties between Washington and Islamabad deteriorated during former Prime Minister Imran Khan’s tenure, who was a strident opponent of America’s war on terror and Pakistan’s partnership in that war with the US. The Taliban’s takeover of Afghanistan in August 2021 further soured relations between the two countries over Pakistan’s alleged support for the Taliban.


Pakistan signals commitment to regulate digital assets in meeting with Binance leadership

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Pakistan signals commitment to regulate digital assets in meeting with Binance leadership

  • Binance delegation led by CEO Richard Teng meets Pakistan’s prime minister, army chief in Islamabad
  • Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight

ISLAMABAD: Pakistan’s government has signaled its “strong commitment” to digital asset regulation as the country’s senior officials met the leadership of Binance, one of the world’s most prominent global cryptocurrency exchanges, the Prime Minister’s Office (PMO) said on Saturday. 

The Binance team, led by its Chief Executive Officer Richard Teng, is in Pakistan and has held meetings with Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib and senior Pakistani bank officials this week. 

Pakistan has been attempting to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight and encouraging innovation in blockchain-based financial services.

“Binance senior leadership visits Pakistan as government signals strong commitment to digital asset regulation,” the PMO said. 

A Binance delegation led by Teng met Chief of Army Staff and Chief of Defense Forces Field Marshal Syed Asim Munir in Islamabad. 

Saqib also attended the meeting and gave the Binance team a briefing about his organization.

Pakistan has attempted in recent months to tap into the country’s growing crypto market, a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.

In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.