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

Delhi Election 2025: 'BJP insulted Punjabis and Sikh community', Kejriwal said- Amit Shah should apologize

Delhi Chief Minister Atishi and Aam Aadmi Party Convenor Arvind Kejriwal attacked the BJP in a pr

SIP vs PPF: Which Investment Will Create a Bigger Education Fund for Your Child in 18 Years?

Planning for your child’s higher education has become more important than ever in today&rsq

India Depends on Just 10 Days of Oil Reserves Despite Heavy Crude Imports; Experts Warn of Ongoing Risks

India's energy security has come under fresh scrutiny after a new report revealed that the countr

Weather set to take a turn across the country again; clouds to persist, rain alert issued for several states.

Weather patterns are set to change once again across several parts of the country. There is a ren

Haryana Cabinet Expansion: Cabinet expansion of Nayab Saini government today, new ministers will take oath at 4.30 pm.

Cabinet expansion of Nayab Singh Saini government of Haryana will take place today at 4:30 pm. Ac

IND vs AUS: India look to maintain their five-year dominance over Australia, with the first T20I to be played today.

Whether it's Tests or ODIs, Australia has consistently dominated India, but in the shortest forma

Pop Francis Death: Three days of state mourning in India in honor of Pope Francis, PM Modi, and other big personalities expressed grief.

Pope Francis, the first Latin American of the Roman Catholic Church, died on Monday morning i.e.

World Cup: India in the final after 12 years, took revenge for the 2019 defeat from New Zealand; Shami dominates after Kohli-Iyer

India has made it to the finals of the World Cup. They defeated New Zealand by 70 runs in a thril

Trump Tariff: PM Modi will hold a high-level meeting today regarding the US tariff; big decisions can be taken.

The US has officially started imposing tariffs on dozens of countries, including India. At the sa

Tanvi The Great: Will the Delhi government show the film 'Tanvi The Great' to children? CM said this

Actor and director Anupam Kher's film 'Tanvi the Great' is in the headlines these days. Recently,

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