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

Before Diwali, such an explosion happened in the firecrackers, you will shudder after watching the video, more than 150 were injured.

More than 150 people were injured in an accident caused by firecrackers during a festival at a te

PM Modi: PM Modi inaugurated the ITU Conference-Mobile Congress, more than 190 countries are participating

Prime Minister Narendra Modi on Tuesday inaugurated the World Telecommunication Standardizat

India-Canada dispute: 'PM Trudeau making allegations without solid evidence is unfortunate', USISPF chief targets

Tension is increasing between India and Canada regarding the killing of terrorist Najjar. Meanwhi

Sambhal: The digging of the stepwell continued on the sixth day, samples were taken for Bhadreshwar Tirtha and two ancient wells

A joint team of the State Archaeological Directorate and Archaeological Survey of India (ASI) on

Women's T20 WC: The Indian women's team will start its campaign against New Zealand, know the possible playing-11

The Women's T20 World Cup is starting from Thursday, but the Harmanpreet Kaur-led Indian team wil

'PM Modi's promise will now be fulfilled...', what else did Home Minister Amit Shah say on GST 2.0?

The new GST tax slab has come into effect today, making many everyday items cheaper. Union Home M

Jagdeep Dhankhar: Dhankhar was seen for the first time after his resignation, sitting next to Radhakrishnan, smiling and clapping

Chandrapuram Ponnusamy Radhakrishnan was sworn in as the 15th Vice President of India on Friday.

Ladakh violence leaves four dead, 70 injured, curfew imposed, and internet banned; BJP accuses Congress of conspiracy.

The ongoing protest demanding statehood and inclusion of Ladakh in the Sixth Schedule turned viol

Aravalli Controversy: Controversy erupts over the 'wrong definition' of the Aravalli range; Congress asks: For whose benefit is the government being so stubborn?

Protests continue in Rajasthan, Haryana, Gujarat, and the national capital, Delhi, over the Arava

Pran Pratishtha: No entry in Ayodhya from today, only invited people will be able to go, special bus trains will run after 23

Given the consecration of life in Shri Ram Temple, traffic diversion will be implemented from mid

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