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

Dispute in Parliament over language dispute, now one word of Dharmendra Pradhan created ruckus; DMK MP gave notice of breach of privilege.

DMK MP Kanimozhi Karunanidhi filed a notice of breach of parliamentary privilege on Monday agains

Abhishek Sharma: What happened that Abhishek is not able to score runs? Is it someone's evil eye, or is he not able to bear the burden of expectations?

World number one T20 batsman Abhishek Sharma's bat appears to be silent in the 2026 T20 World Cup

Mahakumbh 2025: This time a unique coincidence is being made in Mahakumbh after 144 years, 'Amrit Snan' will happen on Makar Sankranti

The Maha Kumbh (Mahakumbh 2025) started with the holy dip of Paush Purnima on Monday at the Trive

Bengaluru: 'Lives were being lost outside and celebrations were going on inside', Karnataka Deputy Chief Minister apologizes for the incident

It was natural to celebrate in Bengaluru after the victory of Royal Challengers Bangalore (RCB),

CSK vs LSG: Marcus Stoinis made a huge record in IPL history, leaving behind Virender Sehwag-Sanju Samson.

Lucknow Supergiants all-rounder Marcus Stoinis shattered the pride of Chennai Super Kings in 

GOAT Worldwide Collection: 'GOAT' continues to shine worldwide, just this far away from this magical figure of earnings

On September 5, South cinema veteran Thalapathy Vijay's film GOAT was released in theaters. Since

IND vs AUS: Suryakumar continued Dhoni's tradition, and handed over the trophy to Rinku-Jitesh after winning the series

India defeated Australia by six runs in the fifth T20. With this victory, Team India won the five

In this district of UP, 60 percent of the properties registered illegally in the name of Waqf are in danger, action will be taken!

After the Waqf Amendment Bill was passed by a majority in the Lok Sabha, various discussions have

Farmers Movement: Anurag Thakur said - Protesting farmers are our food providers, the government is ready to talk to them.

The Central Government has given a big gift to the farmers amidst the ongoing farmers' movement o

Arvind Kejriwal Health: Tihar also accepted that Kejriwal has lost weight in jail; AAP's response to medical report

Aam Aadmi Party has responded to the medical report of Tihar Jail administration on Chief Ministe

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