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

MI vs RCB: RCB’s ‘Assault’ in Mumbai—Storms the Home Turf and Crushes the Hosts; Battle for Top-4 in Points Table Intensifies

On Sunday, the batsmen of the defending champions, Royal Challengers Bangalore (RCB), launched a

A case was filed against Mohammad Shami's daughter and ex-wife, Hasin Jahan. Neighbors complained about this, and the video went viral

Haseen Jahan has been in the headlines ever since she separated from Indian cricketer Mohammed Sh

Pakistan AQI: Schools closed, 3-day lockdown... 'Pollution bomb' exploded not only in Delhi but also in Lahore and Multan, AQI crossed 2000

Pakistan's Punjab province is suffering from air pollution these days. Given the ever-increasing

Pushpa 2: Booking of 'Pushpa 2' will start from this day, the film can earn so many crores on the first day

Allu Arjun's much-awaited film 'Pushpa 2: The Rule' is all set to release on the big screen on De

Dhar Bhojshala: Prayers and Namaz begin at Dhar Bhojshala; 8,000 police personnel deployed.
According to the Supreme Court's directives, the worship of Goddess Vagdevi began at sunrise on Va

Rajasthan Election 2023: Congress election manifesto; Promised jobs and MSP law to ten lakh youth

Congress has released its manifesto for the assembly elections today on Tuesday. In this, a big a

LokSabha Election 2024 Polls: 'The election is between the one who opened fire on Ram Mandir servants and the one who built Ram Mandir', Amit Shah said

On Sunday, Union Home Minister Amit Shah held an election rally in favor of BJP candidate Shivesh

Chandrayaan-3: This mission of Chandrayaan-3 is very special for India, all eyes are on soft landing of 'Vikram' lander

Chandrayaan 3 Launch Today: Chanda Mama Door Ke... Chanda Mama Aa Jana... Since childhood, we hav

'Rahul Gandhi's words make no sense', Kangana Ranaut said- Congress wants to divide the country for its benefit

BJP MP from Mandi Kangana Ranaut (Kangana Ranaut attack Rahul Gandhi) today attacked the oppositi

Bihar Election Result 2025: From Khesari-Maithili to Jyoti Singh and Ritesh Pandey, know who is ahead and who is behind?

The results of the Bihar Assembly elections are being announced today. Counting of votes, which b

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