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

A major update has emerged regarding Shreyas Iyer's return; one specific date could become an obstacle to his return to the field!

Indian ODI team vice-captain Shreyas Iyer suffered an injury during the tour of Australia. The in

West Bengal Panchayat Results 2023: Mamta's big victory, but who will get an edge in 2024?

The ruling Trinamool Congress has won a major victory in the West Bengal Panchayat Election Resul

Shahrukh Khan: King Khan reached his son's event in Dubai, danced on 'Jhoome Jo Pathan', gave a signature pose

Shah Rukh Khan has been supporting his son Aryan Khan's luxury brand since the beginning. Recentl

IPL 2026: Australian Fast Bowlers Create Trouble—3 Franchises Hit by a Blow, but CSK Set to Face the Biggest Setback.

Ahead of the 2026 IPL season, Australian fast bowlers have created a predicament. Chennai Super K

14 states, 85 districts and 6200 KM... Congress will take out 'Bharat Nyaya Yatra' from Manipur to Mumbai, read the complete plan.

After the Bharat Jodo Yatra, the Congress Party is now going to take out Bharat Nyay Yatra under

Messi Special Post: Shah Rukh Khan is missing from Messi's video, only Kareena Kapoor makes a brief appearance; surprised users reacted with these comments.

Legendary footballer Lionel Messi's India tour has now concluded. After his GOAT India tour, Mess

Holiday on Polling Day: ECI Announces—No Wage Cuts for Leave on Election Day in Five States; Who Will Benefit?

The Election Commission of India (ECI) made a significant announcement on Friday. The Commission

The Telegram connection to the Delhi blasts: 2 million rupees in cash and the Jaish-e-Mohammed connection, how the messaging app became a hub for terrorists.
The Central Government has declared the Delhi Red Fort Metro parking lot blast a terrorist attack.

Delhi Pollution: After Diwali, Delhi's air becomes so poisonous, it is very dangerous for children and the elderly

After Diwali, the level of pollution in Delhi's air reaches dangerous levels. The air of the city

PM Modi: India-Ethiopia relations have become stronger, and the two countries are now strategic partners; eight agreements have been signed.

The historic relationship between India and Ethiopia reached new heights on Tuesday. Following ex

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