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

Tribal areas can be kept out of the purview of UCC, Law Commission has received 19 lakh suggestions so far

In some parts of the country, including the northeastern states, tribal groups may be considered

IPL 2025: Controversy heats up between Eden Gardens pitch curator and KKR captain Rahane, know what the whole matter

The era of controversies has also started in IPL 2025. In a new controversy, Kolkata's Eden Garde

Coldplay Concert: EOW strict on black marketing of Coldplay concert tickets, summons sent to CEO of BookMyShow's parent company

The case of alleged black marketing of tickets for the Coldplay concert to be held in Mumbai is g

Gadar 2 Box Office Collection: The box office was also forced to kneel before 'Gadar 2', the collection crossed 250 crores

Gadar 2 Box Office Collection Day 6: Sunny Deol's film Gadar 2 is working as per its name. The fi

IND vs AUS: Jadeja was not aware of Ashwin's decision to retire, and said - I came to know five minutes ago

Indian team's experienced all-rounder Ravindra Jadeja was not aware of the team's former off-spin

Mandya Violence: Stone pelting during Ganpati immersion in Mandya, Karnataka, violence broke out between 2 groups; shops and vehicles burnt

Clashes broke out between two groups in Karnataka's Mandya district on Wednesday night. Clashes b

What to do in case of an air raid, how to extinguish a fire... From Jammu to UP; how is the preparation for mock drills going on across the country?

After the Pahalgam terror attack, the Indian government is in a mood to take strict action agains

IPL 2025: Hardik, Bumrah out! Surya will captain; This will be MI's probable playing 11 for the match against CSK.

IPL 2025 will start two days later, on March 22. The five-time IPL champion Mumbai Indians will b

Persecution of Hindus in Bangladesh..., despite valid documents dozens of ISKCON members were prevented from going to India

Dozens of members of the International Society for Krishna Consciousness (ISKCON) were on Sunday

Sukhbir Singh Badal: Deadly attack on Sukhbir Singh Badal, shot near Golden Temple in Amritsar

Shiromani Akali Dal President Sukhbir Badal has been attacked in Amritsar, Punjab. He was shot at

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