Washington - US President Joe Biden proposed to double the economic support fund to Pakistan to USD 82 million for the fiscal year 2024. The aim of this proposal is to provide economic support to cash-strapped Pakistan, which has been struggling with various economic and environmental challenges.

”Assistance to Pakistan will expand private sector economic growth; strengthen democratic institutions; and advance gender equity and women's empowerment," the State Department said.

One of the major challenges faced by Pakistan is the devastating floods that hit the country in recent years. The proposed funds will be used to help Pakistan recover through support programs that provide emergency relief, shelter, and food assistance to the affected. 

The funds will also be used to diversify Pakistan's energy supply. The funds will help Pakistan shift towards renewable sources of energy, such as solar and wind power. This will not only help the environment but also provide the country with a reliable source of energy.

The funds will be used for support activities to build emergency preparedness capabilities in Pakistan. Pakistan is vulnerable to natural disasters, including earthquakes and floods. The funds will help build the capacity of Pakistani organizations to respond to emergencies and provide relief and assistance to those affected.

Under the proposed budget for fiscal year 2024, starting in October, Pakistan would receive USD 82 million under the Economic Support Fund category. This is double the amount of support it received in 2022, which was USD 39 million.