• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»IMF Agrees to $3 Billion Bailout for Pakistan
Finance

IMF Agrees to $3 Billion Bailout for Pakistan

June 30, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
IMF Agrees to $3 Billion Bailout for Pakistan
Share
Facebook Twitter LinkedIn Pinterest Email

The Pulse | Economy | South Asia

The long-awaited package will provide the country, which is in the grip of political and economic crises, with some relief.

Prime Minister Shehbaz Sharif meets with IMF Managing Director Kristalina Georgieva on the sidelines of the Summit for New Global Financing Pact in Paris, June 22, 2023.

Credit: Twitter/Kristalina Georgieva

Advertisement

The International Monetary Fund agreed to provide $3 billion to Pakistan — a long-awaited relief to bail out the impoverished country’s ailing economy.

The nine-month agreement must be approved by the IMF’s Executive Board, which is expected to make a final decision in mid-July, a top IMF official, Nathan Porter, said in a statement late Thursday.

Porter, the IMF’s mission chief to Islamabad, said Pakistan’s economy has faced several external shocks, such as the catastrophic floods in 2022 that killed 1,739 people, caused $30 billion in damage and impacted millions of Pakistanis. The country was also hit by an international commodity price spike in the wake of Russia’s war in Ukraine.

The IMF official said despite the authorities’ efforts to reduce imports and the trade deficit, reserves have declined to very low levels and liquidity conditions in the power sector also remain acute.

“Given these challenges, the new arrangement would provide a policy anchor and a framework for financial support from multilateral and bilateral partners in the period ahead,” the statement read.

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

Porter said over the past few days, the Pakistani authorities had “taken decisive measures to bring policies more in line with the economic reform program supported by the International Monetary Fund,” including Parliament passing a revised budget.

See also  Internet Giant Spent $26.3 Billion to Maintain Default Search Engine Status on Devices in 2021

The proposed package is higher than what Pakistan was expecting. The country was awaiting the release of the remaining $2.5 billion from a 2019 bailout package of $6.5 billion that expires Friday.

There were a lot of uncertainties about what would happen after June, especially with a new government coming to power in a few months, said Mohammad Sohail, a prominent economist and head of Topline Securities.

Advertisement

“Now this funding of $3 billion for nine months will definitely help restore some investors’ confidence,” said Sohail.

The deal between the IMF and Pakistan comes days after Prime Minister Shehbaz Sharif spoke with Kristalina Georgieva, the managing director of the IMF, on Tuesday. The two also met on June 22 on the sidelines of a global finance meeting in Paris.

On Friday, Sharif tweeted that the arrangement will help strengthen Pakistan’s foreign exchange reserves, enable the country to achieve economic stability, and put the country on the path of sustainable economic growth. He said he appreciated the efforts and hard work of Finance Minister Ishaq Dar for achieving the outcome. Sharif also thanked Georgieva and her team at the IMF for their cooperation and collaboration.

Talks between Pakistan and the IMF had stalled in December after the global lender delayed the release of a crucial tranche of $1.1 billion from the bailout originally signed in 2019 by Sharif’s predecessor, Imran Khan.

Pakistan and the IMF have been at odds over what the fund says is Islamabad’s unsatisfactory compliance with the bailout conditions. Pakistan says it has fully complied with the conditions.

See also  Stocks flip to losses to end rough week, Amazon surges: Stock market news today

The cash-strapped Pakistani government is struggling to avoid a default with financial help from friendly countries such as China, Saudi Arabia, and the United Arab Emirates. It has also been embroiled in an unprecedented economic crisis since Sharif replaced Khan, who was ousted in a no-confidence vote in Parliament last year.

agrees Bailout Billion IMF Pakistan
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025

Iconic Food Brand Kraft Heinz Investing $3 Billion In US Manufacturing

May 14, 2025

Top Cultural Festivals To See In Pakistan This Year

April 29, 2025

$15 Billion And Climbing: Trump’s Tariffs Deliver Record High Revenue

April 25, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

How Covid and the Rule Book Kept a Promising Athlete on the Bench

February 22, 2023

How Inclusive Language Can Increase Food Security

April 9, 2023

Germany’s budget crisis spurs calls to change its borrowing limits

November 26, 2023

Harvard President Convenes ‘Antisemitism Advisory Board’ Following Embarrassment of Pro-Terror Students

October 31, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

‘I’m Just Sayin’ Songwriter Wynn Varble; Mark Smith on All Things 2nd Amendment

May 25, 2023

Best offers, starting pitchers to watch out for, and more I June 10 2023

June 10, 2023

Alec Baldwin Loses Bid to Dismiss Civil Suit as Criminal Charges Loom

August 25, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.