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

Mamata alleges that outsiders are being brought to Bengal to spread riots; CM meets victims during her visit to Murshidabad

West Bengal Chief Minister Mamata Banerjee on Tuesday made a big allegation that outsiders are be

IND vs SL: Indian team reached Sri Lanka with new coach and captain, players were seen having fun at the airport

The Indian team reached Sri Lanka for the three-match T20 series. Team India, led by new head coa

Political uproar over IGI Airport Terminal-1 accident, Kharge attacks Modi government; BJP gives a befitting reply

Due to heavy rains in the capital Delhi on Friday, a major accident occurred due to the collapse

'Administer Lethal Injection to Dangerous Dogs': Supreme Court's Historic Verdict

The Supreme Court has dismissed all applications and petitions seeking to modify or recall its or

Hera Pheri 3: Is Paresh Rawal coming back in 'Hera Pheri 3'? A famous YouTuber said- 'You are its soul'

Ever since Hera Pheri franchise's Babu Bhaiya i.e. Paresh Rawal has announced to leave the upcomi

Salman Khan: Lawrence Bishnoi gang member who funded the shooters arrested, accused sent to police custody

Police are continuously investigating the case of firing outside the house of Bollywood superstar

Emmy Awards 2025: Diljit Dosanjh shines on the red carpet, 'Amar Singh Chamkila' misses out on International Emmy Awards

The 2025 International Emmy Awards were held in New York City late on November 24th. The 53rd Int

IND vs AUS: Indian team to depart for Australia on October 15, players to fly in two groups; Rohit and Virat to join the team on this day

The Indian ODI team will depart for Australia from Delhi on October 15th in two groups, and the f

Apple iPhone 17: Sales of the iPhone 17 began in India today, with long lines outside Apple stores from Delhi to Mumbai.

Tech giant Apple began selling the iPhone 17 series today, September 19th. As always, the craze f

Will 20,000 Indians without papers be sent back from America? Now Jaishankar also gave an important statement.

US President Donald Trump is taking strict action against illegal immigration. The Trump administ

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