Pakistan Economic Crisis: Effect of Shahbaz Sharif’s pleas, big relief to Pakistan, will get help of three billion dollars

Pakistan, which is facing economic crisis, is expected to get a bailout of three billion dollars from the International Monetary Fund (IMF). The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on an additional $3 billion arrangement. A standby agreement has been entered into with Pakistan on behalf of the International Monetary Fund (IMF). This Staff Level Agreement standby is yet to be approved by the IMF Board. The IMF board meeting is to be held in July and a decision will be taken in that itself. Funding of three billion dollars is pending for more than nine months, it is being called a big relief for Pakistan.

The country was awaiting the remaining $2.5 billion from a $6.5 billion bailout package agreed in 2019. The new stand-by arrangement builds on the 2019 programme, IMF official Nathan Porter said in a statement, adding that Pakistan’s economy has faced several challenges in recent times, including devastating floods last year and the war in Ukraine. Commodity prices rise after.

Porter said in a statement that despite efforts by authorities to reduce imports and the trade deficit, stockpiles have fallen to very low levels. The liquidity position in the power sector also remains critical. Porter said that given these challenges, the new arrangement will provide a policy basis and a framework for financial assistance from multilateral and bilateral partners in the future.