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.

 

"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

Animal: Sandeep Reddy defends Ranbir Kapoor-Trupti Dimri's boot-licking scene, says - there is nothing anti-women in it

Amidst the success of Animal, the film has also been the subject of frequent controversies. Many

India was called a 'Dead Economy'... but what will Trump say about his economy? The figures are extremely disappointing

US President Donald Trump on Wednesday announced a 25 percent tariff on India. He said that these

Raveena Tandon: The Supreme Court gave a big order regarding stray dogs in Delhi, and Raveena Tandon got angry

The Supreme Court has given a big decision regarding stray dogs in Delhi. The court has ordered t

Bhaiyya Ji Trailer: Trailer of Manoj Bajpayee's film 'Bhaiyya Ji' released, destroyed evildoers with a shovel

The trailer of Manoj Bajpayee's hundredth film 'Bhaiya Ji' has been released. This film is going

'Don't play games in the name of religion', Rashami Desai got angry at Urvashi rautela's statement on the temple

Urvashi Rautela may not be a top Bollywood actress, but she becomes the most talked about topic o

Bharat Tex 2024: PM Modi inaugurates Bharat Tex 2024, more than 100 countries participate

Prime Minister Narendra Modi inaugurated Bharat TEX-2024 at Bharat Mandapam in Delhi. It is one o

BSF Constable Returns: Pakistan bows down to India, hands over BSF Jawan Purnam Kumar

BSF jawan Purnam Kumar Shaw, posted in Ferozepur sector of Punjab, had inadvertently crossed the

'That's why Bhabhi calls...' Virat Kohli and Avneet Kaur went to watch Wimbledon one day, fans said - 'She is following me'

Virat Kohli and Anushka Sharma arrived to watch Wimbledon 2025 on Monday, July 7. Virat shared an

Mid Size SUV: Kia Seltos is better or it is wise to buy Mahindra, MG, or Tata's mid-size SUV, know the details

Kia has introduced the facelifted version of the Seltos in the Indian market. Many new features h

When will the fire in Ghazipur landfill be extinguished: Rescue went on all night, and the mountain of garbage is still burning; Know what people said

Last evening, a sudden fire broke out in the garbage mountain located in Ghazipur on the border o

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