Islamabad: The IMF approved the standby arrangement agreement while approving Pakistan’s debt program.
According to a statement issued by the International Monetary Fund, the Executive Board of the International Monetary Fund today approved SDR 2.25 billion (about $3 billion, or 111 percent of the quota) for Pakistan to support the authorities. 9 months Standby Arrangement (SBA) has been approved.
According to the declaration, after the approval of the agreement, it has been decided to release 1.2 billion dollars in the first installment of 3 billion dollars to Pakistan, while the remaining funds will be released in two installments. Dollars will be found.
According to the statement, $1.8 billion will be scheduled in November and February after reassessments. According to the statement issued by the IMF officials, the difficult external environment Pakistan is facing, devastating floods, policy mistakes have led to large fiscal and external deficits, rising inflation and dwindling foreign exchange reserves in FY23. .
Also read: United Arab Emirates has deposited 1 billion dollars in the State Bank
It has been said in the declaration that Pakistan has to implement the targets under the loan program, it is necessary to implement the targets set in the budget. Pakistan needs to adopt a tight monetary policy while institutional and energy sector reforms are inevitable.
According to the IMF, Pakistan has to make the exchange rate market-based, Pakistan has to stick strictly to the set policies, the economic reform program in Pakistan is to provide immediate support to the economy, the program will help Pakistan’s economy from internal and external instability. It will help to remove the balance.
It should be noted that the contract of three billion dollars will be for a short term ie nine months. A staff-level agreement was reached between Pakistan and the IMF late last month.
(function(d, s, id){
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {return;}
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.3&appId=770767426360150”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.7”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));