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

India Vs West Indies T20: Why did West Indies lose in the 3rd T20I? Captain Rovman Powell explained the reason and blamed the defeat on the batsmen

IND vs WI T20I Series 2023: The West Indies team, which performed brilliantly in the first two ma

Bharat Bandh: The effect of Bharat Bandh was seen in West Bengal and Odisha, where seven protesters were detained

The impact of the Bharat Bandh, called by trade unions and farmers' organizations, is being seen

The Kerala Story 2 Collection: 'The Kerala Story 2' wins the Holi season, rocking the box office with its earnings on the sixth day.

The sequel to the 2023 film The Kerala Story, The Kerala Story 2 Goes Beyond, was embroiled in co

Lalithaa Jewellery IPO Makes Strong Debut: Shares List at 32% Premium on NSE, BSE

Lalithaa Jewellery Mart Limited made a strong debut on the stock market, delivering substantial l

Ravindra Jadeja: Jadeja took a dig at South Africa's batting, and said- it is easier to bat in the evening than in the afternoon.

By defeating South Africa in the 37th match of the World Cup 2023, India has registered its eight

IND vs AUS: 'I hope to score runs against Bumrah in Gabba', this Australian is scared of India's star bowler

Top pacer Jasprit Bumrah has dismissed Nathan McSweeney thrice in the last four innings but the A

Dengue: Dengue cases are increasing rapidly in this state, more than four thousand cases in a single city; CM gave these instructions

Dengue cases are continuously increasing in Karnataka. The state government has now geared up to

PM Modi spoke to Trump: 'India has never accepted mediation, nor will it ever do so'; frank words on 'Operation Sindoor'

Prime Minister Narendra Modi has spoken to Donald Trump who returned to America leaving the G7 su

Udhayanidhi Stalin: 'Modi to divert attention...': Udhayanidhi Stalin clarifies his statement on Sanatan Dharma, taunts BJP

Controversy is continuously increasing over the alleged controversial statement given by Tamil Na

Weather: Heavy rain alert in Uttarakhand-Himachal and UP, forecast of 204.4 mm rainfall; keep an eye on the condition of the center

The difficulties of Himachal Pradesh and Uttarakhand, which are facing devastation due to heavy r

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