ISLAMABAD: The United States plans to spend $101 million to strengthen democracy in Pakistan, address the threat of militancy and prevent Islamabad’s reliance on China in fiscal year 2025, said a senior American official who presented a written budget request to the House of Representatives Foreign Affairs Committee on Tuesday.
Budget requests, policy proposals and funding plans are frequently presented by relevant officials to various congressional committees in the US. These testimonies are part of the legislative process and are used to inform and persuade lawmakers about the importance of proposed expenditures and policy directions.
The overall budget proposal of $1.01 billion for South and Central Asia was presented by Donald Lu, the assistant secretary for the region, who said it represented a 1.9 percent decrease from fiscal year 2023.
“On Pakistan, we face ongoing challenges and opportunities,” he told the House Foreign Affairs Committee. “The President’s Budget requests a straight lining of our $101 million Pakistan budget.”
“That money would be used to strengthen democracy and civil society, to fight terrorism and violent extremism, and to support economic reforms and debt management to help stabilize Pakistan’s economy and prevent further overreliance on the PRC [People’s Republic of China],” he continued.
The American official, who was widely blamed by former prime minister Imran Khan’s party for contributing to his administration’s downfall, an allegation denied by Washington, said the US was struggling to compete with China in the region, which is seeking to secure military and commercial footholds in the Indian Ocean.
He also noted that the US administration had to “live in a world of constrained budgets.”
“Our most effective strategy to counter an assertive PRC is to demonstrate that we have something better to offer — better development opportunities, better commercial deals, and better solutions for their security challenges,” he added.
US allocates $101 million to counter Pakistan’s ‘overreliance’ on China, ‘strengthen democracy’
https://arab.news/vj6jy
US allocates $101 million to counter Pakistan’s ‘overreliance’ on China, ‘strengthen democracy’
- Donald Lu says US will also use the money to stabilize Pakistan’s economy, deal with militancy issue
- He maintains the US is living in a ‘world of constrained budgets’ while dealing with an ‘assertive’ China
JazzCash signs deal with Binance in UAE to explore regulated crypto adoption in Pakistan
- MoU focuses on awareness and development of compliant virtual-asset solutions in Pakistan
- Pakistan introducing licensing regime for crypto firms as it formalizes digital-asset oversight
ISLAMABAD: Pakistani financial-technology platform JazzCash has signed a memorandum of understanding with global cryptocurrency exchange Binance in the United Arab Emirates to explore cooperation on virtual-asset use and education in Pakistan, the company said on Wednesday.
The agreement sets a framework for discussions on awareness campaigns and future digital-asset products that would comply with Pakistan’s emerging crypto regulations. The move signals growing engagement between global blockchain companies and Pakistani fintechs as authorities shift toward formal licensing of the sector.
Pakistan has spent the past year drafting rules to regulate the fast-expanding market for digital coins and tokens, requiring virtual-asset service providers to obtain government approval. Officials say the transition is aimed at curbing money-laundering and terror financing risks, boosting transparency and encouraging responsible innovation.
“JazzCash has always championed technologies that expand financial access while promoting secure and inclusive participation in the digital economy," JazzCash Chief Executive Officer Murtaza Ali said.
“By entering into this exploratory MoU with Binance, we are advancing our efforts to understand how global digital-asset trends can support Pakistan’s evolving regulatory landscape. We aim to engage responsibly, support regulatory progress, and advance opportunities that build trust, transparency and innovation for our customers.”
The MoU does not establish a commercial partnership, but marks one of the most high-profile engagements between Pakistan’s fintech sector and a global crypto exchange as the country moves toward regulated digital-asset adoption.
Binance welcomed the cooperation, framing it as part of Pakistan’s shift toward regulated digital-asset activity.
"With regulatory frameworks like [Pakistan Virtual Assets Regulatory Authority] PVARA paving the way, this collaboration represents a significant step toward expanding financial inclusion and empowering more people to access the benefits of blockchain technology in a secure and compliant environment," Binance Chief Marketing Officer Rachel Conlan said.
Earlier this month, Binance executives met Pakistani finance officials to discuss digital-payments reform, blockchain-skills training and the potential for Web3-linked jobs. Pakistan also set up the Pakistan Crypto Council and formed PVARA this year to license and supervise crypto-asset service providers.
