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

CM Fadnavis said- Everyone is in favor of removing Aurangzeb's tomb, Congress government brought it under ASI

Maharashtra Chief Minister Devendra Fadnavis has said that everyone wants the tomb of Mughal rule

Shama Mohammed has given controversial statements not only on Rohit Sharma but also on Kohli, now another post from a Congress spokesperson has gone viral

Congress spokesperson Shama Mohamed made a controversial comment on India cricket team captain Ro

PM Modi US Visit: The world's eyes on PM Modi-Donald Trump's meeting; Many issues including tariff and immigration are on the agenda

Prime Minister Narendra Modi has reached the US capital, Washington, D.C., where he was given a g

UP: Jama Masjid or Neelkanth Mahadev Temple in Badaun... Both sides face to face, made claims; this is why the issue got heated.

The matter has heated up after the statement of All India Majlis-e-Ittehadul Muslimeen (AIMIM) na

Aus Vs WI: Australia made two major changes in the team for the second ODI, Travis Head did not get a place in the playing XI.

Travis head released from Australia Squad for 2nd ODI: Australia's opening batsman Travis Head ha

Covid-19 New Variant: Corona's new variant Pirola increases concern, Know everything from its symptoms to effects

COVID-19 New Variant: Corona epidemic remains a cause of panic among people. Crores of people acr

Donald Trump: 'Only a fool would do this', Trump's shocking reply on receiving a Boeing 747 plane as a gift from Qatar

Donald Trump is on a tour of West Asia these days. Trump will also visit Qatar during his tour. B

National Testing Agency: CUET-UG exam postponed for Delhi Centre, NTA's decision due to unavoidable reasons

National Testing Agency (NTA) has issued a major update regarding the Common University

Submarine Missing: Pakistani billionaire was on board with his son on the submarine that went to see the wreckage of Titanic, search continues

A submarine used to show tourists the wreckage of the Titanic has gone missing in the Atlantic Oc

Rahul Gandhi vs Mohan Bhagwat: Rahul Gandhi attacks RSS chief, says Mohan Bhagwat insulted the Constitution

Former Congress President Sonia Gandhi inaugurated the party's new office on Wednesday. In this p

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