US urges Pakistan to improve its business environment

Washington: The United States Thursday urged Pakistan to improve its business environment which would make the South Asian country more attractive and competitive around the world.

Pakistan is under a severe economic crisis and is in an advanced stage of talks with the International Monetary Fund (IMF) for financial assistance.

State Department Spokesperson Ned Price told reporters at a news conference here that Pakistan has encountered economic headwinds of late.

"The Pakistani people are facing record levels of inflation. Of course, this comes on the back of the extensive flooding through parts of the country. And it has only put a spotlight on our need to continue to work together to help the Pakistani people to help put themselves on a sustainable economic path and a durable path to the prosperity that we seek for the Pakistani people," he said.

There's a reform agenda that the Pakistani government is in the midst of. "We encourage Pakistan to continue working with the IMF, especially on reforms that will improve Pakistan's business environment. And we know that doing so will ultimately make Pakistani businesses more attractive and competitive around the world," Price said.

Pakistan, he said, is a country with tremendous potential, and the US has partnered with Pakistan. "We want to make sure that the resources that Pakistan has itself, the resources that the United States is contributing, that other countries are contributing and the resources that have and will continue to come from international financial institutions, they're managed responsibly as part of responsible and responsive governance,” Price said.