ISLAMABAD - The United States on Tuesday reimbursed $352 million to Pakistan under coalition support fund (CSF) which would help build country's depleting foreign exchange reserves.

The amount of $352 million reimbursed by the US under CSF is for January-March period of the previous year. The amount was supposed to be received on February 6. Meanwhile, Pakistan has sought early processing and disbursement of remaining tranches amounting to over one billion dollars. Sources informed that claims for over $400 million for the period of April-June 2013 had been sent to the US embassy. In addition to the outstanding claims, he said, another about $800 million had been spent from the budget in the current year and its claims would be filed soon.

The disbursement of $352 million will help build country's foreign exchange reserves depleting rapidly due to huge repayment to International Monetary Fund (IMF). Pakistan's foreign exchange reserves currently stood at $8.02 billon wherein State Bank of Pakistan's reserves are $3.18 billion while remaining are of commercial banks (other than SBP).  

Meanwhile, US Ambassador to Pakistan Mr Richard G Olson called on the Finance Minister Senator Mohammad Ishaq Dar on Tuesday and discussed with him matters of bilateral economic interest. Regarding the Coalition Support Fund (CSF), the finance minister thanked the US government for disbursing the tranche of $352 million for the January-March 2013 quarter and requested early processing and disbursement of remaining tranches.

Olson assured the finance minister that the US wanted to further improve its friendly relations with Pakistan and Washington would expedite the process of payment of the remaining amount of the CSF. The two also discussed the upcoming meeting of the Economic Working Group scheduled to be held in Washington in the second week of April.

Olson informed the finance minister that a four-member delegation of Congress Defence Committee will be visiting Pakistan during the week and would like to meet the finance minister. Ishaq Dar said he would welcome the Congressmen. He also briefed the US ambassador about the recently concluded review meetings with the IMF as well as his meetings with UAE leadership and Etisalat management.