By NewsGram Staff-Writer

Islamabad: A report by the US State Department has revealed that the US has given $265 million to Pakistan during the current fiscal year. The money has been given under the Foreign Military Financing (FMF) for assisting Pakistan in its counter-terrorism and counter-insurgency activities.

The fund improves Pakistan's ability to conduct counterinsurgency operations, particularly in Federally Administered Tribal Areas (FATA) and enhances the country's ability to participate in maritime security operations and counter maritime piracy.

"Pakistan has cooperated with the US in counter-terrorism efforts and since 2001, has captured more than 600 Al-Qaeda members and their allies, and the US maintains a strong security partnership with Pakistan," reports Dawn citing the report released by the US State Department.

The report comes as Prime Minister Nawaz Sharif is due to visit the US later this month, starting from Oct 21.

The report added that the US also gave Pakistan $5 million in the current fiscal year under the International Military Education and Training (IMET) assistance.

US is also Pakistan's largest bilateral trading partner, according to the report.

During the current fiscal year, $18.72 billion was remitted back to Pakistan from overseas Pakistanis, of which 14.4 per cent was remitted back from the US.

Pakistan has taken steps over the years to liberalize its trade and investment regimes, either unilaterally or in the context of commitments made to the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank, said the report released by the state department.

Furthermore, major US investments are concentrated in fast-moving consumer goods, construction, chemicals, energy, transportation, and communications, stated the report.

In January 2015, the US pledged $250 million to help Pakistan facilitate the relief, reconstruction, and the return of FATA communities displaced by counter-terrorism operations.

(With inputs from IANS)