Pakistan get $3 Billion from IMF, Whereas $30 Billion were lost in recent Floods
- News By : Web Desk
- 2023-06-30 14:38:51
New York: 30 June 2023: The International Monetary Fund (IMF) and Pakistan have agreed to a staff-level stand-by arrangement worth $3 billion, the institution announced. Pakistan, which is on the verge of default, has long awaited this decision.
The agreement comes after an eight-month delay and provides some relief to Pakistan, which is suffering a severe balance of payments problem and declining foreign exchange reserves. It is subject to confirmation by the IMF board in July.
The $3 billion in payment, spread out over nine months, is more than Pakistan was anticipating. The remaining $2.5 billion from a $6.5 billion bailout package agreed upon in 2019 that expired on Friday was still pending disbursement to the nation.
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