Pakistan: Big relief to Pakistan facing a cash crunch, the agreement reached on $3 billion agreement with IMFF


Posted on 30th Jun 2023 12:01 pm by rohit kumar

Pakistan, which is facing a cash crunch, has got a big relief. A staff-level agreement has been reached between the Government of Pakistan and the International Monetary Fund (IMF) on a 'Standby Arrangement' worth $3 billion. The agreement in Pakistan was long awaited.

 

Explain that Pakistan's economy has been in a continuous decline mode for the last several years, due to which inflation has become uncontrolled and the pressure on the poor people is increasing. This has made it almost impossible for a large number of people to make a living.

 

Did you know?Explore Trending and Topic pages for more stories like this.

"I am pleased to announce that the IMF team has contributed SDR 2,250 million (about $3 billion, or 111 percent of Pakistan's IMF quota)," Nathan Porter, International Monetary Fund's mission chief in Pakistan, said in a statement on Thursday. A staff-level agreement has been reached with the Pakistani authorities on a nine-month stand-by arrangement (SBA) in the amount of Rs.

 

The new SBA builds on efforts by officials under Pakistan's 2019 EFF-supported program, which expires at the end of June. The agreement is subject to approval by the IMF's Executive Board. The Executive Board may consider this request by mid-July. This funding of three billion dollars in nine months is more than expected for Pakistan. The country was waiting for the release of the remaining $2.5 billion out of an agreed $6.5 billion bailout package in 2019, which expires on Friday.

 

"The new SBA will support the authorities' urgent efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability, and provide a framework for securing financing from multilateral and bilateral partners," the statement said.

 

It added that because of the daunting challenges ahead, full and timely implementation of the program will be critical to its success. Pakistan's economy has faced several challenges in recent times, including devastating floods last year and a rise in commodity prices following the start of the Russia-Ukraine conflict.

 

Also Read: Russian President Vladimir Putin : Putin's address to the nation after the rebellion of the Wagner Group, said - the victory of the solidarity of the Russian citizens

1 Like 0 Dislike
Previous news Next news
Other news

After Bengal, protests against Waqf law turned violent in Assam, stones were pelted at police; soldiers resorted to lathicharge

After West Bengal, violence erupted against the Waqf Amendment Act in Assam's Cachar district. Ho

Death of 'One Direction' fame singer Liam Penn: Fell from a hotel balcony, belongings found scattered in the room, suspected to be under the influence of drugs

British pop band 'One Direction' ex-member and English singer Liam Payne has passed away. 31-year

T20 World Cup: Indian team's concern increased before Super-8, explosive batsman suffered a hand injury, update came out

The world's number one T20 batsman Suryakumar Yadav got injured on Monday. He suffered a hand inj

WPL 2024 Points Table: Delhi Capitals have settled their score by defeating Mumbai, this is the latest status of the points table

Meg Lanning-led Delhi Capitals defeated Mumbai Indians in the 12th match of the Women's Premier L

'Take back your retirement,' O Romeo's director shared a heartwarming video after Arijit Singh announced his retirement.

Singer Arijit Singh, who has won the hearts of fans by singing over 800 songs, announced his reti

'Seeing a player like MS Dhoni...', R Ashwin made a big revelation on his sudden retirement from IPL

Veteran spinner Ravichandran Ashwin announced his retirement from the Indian Premier League (IPL)

Maharashtra: First arrest made in Shivaji's statue collapse case, accused consultant arrested in Kolhapur

Structural consultant Chetan Patil has been arrested for the collapse of the statue of Chhatrapat

PM Gifts Putin Bhagavad Gita: PM Modi gifted Putin a copy of the Shrimad Bhagavad Gita written in the Russian language and made an important statement.

Prime Minister Narendra Modi presented Russian President Vladimir Putin with a copy of the Bhagav

Threat again regarding Maha Kumbh 2025, uproar as soon as the screenshot went viral

After pro-Khalistan terrorist Gurpatwant Singh Pannu, another threat has been given regarding Mah

IPL 2024: Sunrisers removed Markram, who won SA20, from captaincy, and handed over the responsibility to Cummins worth Rs 20.5 crore.

Changes continue in IPL 2024. After Mumbai Indians suddenly removed Rohit Sharma from the captain

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash