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

You won't be able to book train tickets without linking your Aadhaar card until this time; the conditions will apply from the opening day. Understand the complete rules?

Indian Railways has implemented new rules to make online ticket booking more transparent. From Ja

IND vs ENG: The British are scared of Prince Gill, this great cricketer of England said- we have to find an answer to him

The England team faces much criticism after the crushing defeat to India at Edgbaston. After the

Tamanna Bhatia flaunted a bikini with a blazer, and created a sensation in a black outfit, users said – there is no one like you

Actress Tamannaah Bhatia is famous for her sizzling style statement. Her fashion is always the ta

Need an education loan? These banks are offering funds at low interest rates in June 2026; check the latest interest rates.

With the cost of higher education continuing to increase in India and abroad, education loans hav

Delhi Turkman Gate Violence: Action taken against stone-pelters, 10 people detained, efforts underway to identify the rioters.

An anti-encroachment drive near the Faiz-e-Ilahi mosque in Delhi's Turkman Gate area turned viole

Rise And Fall: After the divorce, Dhanashree Verma got angry at Chahal, saying- 'Why destroy your image by pulling others down...'

Choreographer and Chahal's ex-wife Dhanashree is seen in the reality show 'Rise and Fall' these d

Gold Silver Price Today: Decline seen in bullion market; Silver falls to ₹1540, Gold cheaper by ₹560

Gold and silver prices opened lower on Wednesday following the ongoing conflict in West Asia and

Gautam Gambhir told the bitter truth of his career, said- 'If I don't touch the feet of the selector, I will be out of the team...'

Every cricketer has his bad times, which all players accept. But what can we say about

Chandrayaan-3: Chandrayaan reached its last stage, only this much distance is left

Chandrayaan-3 is continuously moving forward to write India's history on the Moon. The vehicle se

Coldplay Concert: Craze of Coldplay concerts, hotel prices touched the sky

All the world's popular bands in India are eagerly waiting for Coldplay's show. However, the fans

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