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

IND vs SA: South African batsmen surrendered before Indian bowlers, made this shameful record in ODI

South Africa Unwanted Record Biggest Defeat in ODI. India faced South Africa in the 37th match of

OnePlus Ace 7 Set for Massive Upgrade: 10,000mAh Battery, Flagship Processor Likely; May Launch in India Under a New Name

Chinese smartphone giant OnePlus is reportedly preparing to launch its next-generation flagship k

Ram Gopal Varma: Ram Gopal Varma disappeared from home to avoid arrest, issued a video and gave clarification

Filmmaker Ram Gopal Varma is trying to avoid arrest these days. The police are constantly looking

Gold-Silver Prices Stay Strong in Delhi Despite US-Iran Peace Hopes; Recession Fears Fail to Shake Bullion Market

Gold and silver prices continued to shine brightly in Delhi’s bullion market despite easing

T20 World Cup: Will Pakistan's journey end in the group stage? Below the USA in the standings, while India tops the standings.

Following their defeat against India, Pakistan faces the threat of elimination from the T20 World

A war of words over SIR: Are BLO deaths also a drama? Akhilesh asks PM Modi's 'delivery, not drama' jibe.

The winter session of Parliament has begun with a stormy start. The opposition created a ruckus o

Anunay Sood's girlfriend wrote an emotional message, saying, 'This is not true...'

Popular travel influencer Anunay Sood has passed away at the age of 32. The cause of his death ha

Sushmita Sen: Sushmita seen with Roman at a Diwali party, breakup, or relationship! Fans got confused on social media

Sushmita Sen reached the party with Roman. Stars are often in the news for their love affairs. If

Delhi CM Arvind Kejriwal filed a bail plea in Rouse Avenue Court, a hearing will be held at 2 pm

Delhi Chief Minister Arvind Kejriwal, accused in the money laundering case related to the excise

Kanguva Box Office Collection: Will Surya defeat Ajay-Karthik on the first day? Will it break the records of 'Singham Again' and 'Bhool Bhulaiyaa 3'

Fans were eagerly waiting for Surya's film Kanguva. Today this wait is over. Kanguva has been rel

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