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

IND vs AUS: Yashasvi was cheated, the third umpire ignored the snicko meter and gave the Indian batsman out

During the fourth Test match between India and Australia in Melbourne, a controversy erupted when

Weather Update: Heavy rain alert in many states including UP-Uttarakhand and Himachal; what's the weather like in your place

The Southwest Monsoon has hit Mumbai and Delhi simultaneously. This has happened for the first ti

Chandrayaan-3 ISRO: From Amitabh Bachchan to Kareena Kapoor, stars pray for 'Chandrayaan-3' successful landing

Chandrayaan-3: Indian Space Research Organization (ISRO) launched Chandrayaan-3 on 14 July. It wa

National Sports Day: India's strength was seen in sports ranging from chess to cricket, and the tricolor waved with pride on the world stage

Sports Day is celebrated every year on 29 August in the country on the birth anniversary of Hocke

Sardaar ji 3 Collection: Hania-Diljit's film rocks the box office, earns so much in two days

On June 27, Diljit Dosanjh returned to theaters with the third installment of his hit franchise S

Gadar 2 Box Office Collection: 'Gadar 2' is moving ahead at the speed of a turtle, The film collected so much on the 27th day

Gadar 2 Day 27 Box Office Collection: 'Gadar 2', which did a bang collection from theaters to the

Sagar Adani: Who is Sagar Adani, nephew of big businessman Gautam Adani? Who is accused of plotting fraud?

After the US accused the Adani Group, one name is being discussed in full swing. That name is Gau

Khan Sir Marriage: On whose formula did Khan Sir marry secretly? The bride was shown at the reception and told the secret.

After the wedding of the country's well-known teacher and YouTuber Khan, now his reception (banqu

Mayday, Mayday... Who did the pilot call before the Ahmedabad plane crash?

Air India's plane AI-171 has crashed in Ahmedabad, Gujarat. There were 242 passengers on board th

'The leadership of India's startup revolution is in the hands of the youth...', PM Modi said - the country is working on the roadmap of 2047.

PM Modi inaugurates Startup Mahakumbh: Prime Minister Narendra Modi inaugurates Startup Mahakumbh

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