{"id":850,"date":"2023-07-13T03:53:41","date_gmt":"2023-07-13T03:53:41","guid":{"rendered":"https:\/\/nayaujala.com\/english\/?p=850"},"modified":"2023-07-13T03:53:41","modified_gmt":"2023-07-13T03:53:41","slug":"imf-deal-with-pakistan","status":"publish","type":"post","link":"https:\/\/nayaujala.com\/english\/imf-deal-with-pakistan\/","title":{"rendered":"IMF Executive Board approves $3 billion Stand-By Arrangement for Pakistan"},"content":{"rendered":"

The International Monetary Fund (IMF) on Wednesday approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of about $3 billion days after reaching a staff-level agreement with the country.<\/strong><\/p>\n

\u201cToday, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities\u2019 economic stabilization program,\u201d the global lender said in a statement.<\/p>\n

The development comes hours after Finance Minister Ishaq Dar said that Pakistan received $1 billion from the United Arab Emirates (UAE) as part of its financial commitment to help Pakistan secure the International Monetary Fund (IMF) bailout package.<\/p>\n

“We have received $1 billion from the UAE. The UAE has deposited the amount into the State Bank account,” the financial czar announced in a televised media address on Wednesday.<\/p>\n

A day earlier, the finance minister said Saudi Arabia deposited $2 billion in the SBP account to help the boost the country foreign reserves and fulfill the global lender\u2019s condition to bridge external financing gap.<\/p>\n

Islamabad signed a short-term IMF deal on June 30 under which the country will receive $3 billion over nine months, subject to approval by the IMF’s board.<\/p>\n

The Executive Board\u2019s approval allows for an immediate disbursement of SDR894 million (or about US$1.2 billion), the IMF said in the statement today.<\/p>\n

The remaining amount will be phased over the programme’s duration, subject to two quarterly reviews, it added.<\/p>\n

The IMF said the SBA was signed at a \u201cchallenging economic juncture for Pakistan\u201d.<\/p>\n

\u201cA difficult external environment, devastating floods, and policy missteps have led to large fiscal and external deficits, rising inflation, and eroded reserve buffers in FY23,\u201d it added.<\/p>\n

Read:Country has ;successfully overcome; phase of economic vulnerability, says Dar<\/a><\/p>\n

Pakistan\u2019s new SBA-supported programme, the IMF said will provide a policy anchor for addressing domestic and external imbalances and a framework for financial support from multilateral and bilateral partners.<\/p>\n

Following months of delays, Pakistan secured the bailout package after taking tough economic measures including increasing interest rates and raising taxes to meet IMF conditions.<\/p>\n

After the IMF staff-level agreement, Fitch credit rating agency Monday \u2014 after almost a year \u2014 upgraded Pakistan’s long-term foreign currency issuer default rating to CCC from CCC-.<\/p>\n

Pakistan has $25 billion of debt repayments due in the fiscal year starting July, according to Moody\u2019s Investors Service. That\u2019s more than five times its foreign-exchange reserves, which stood at $4.5 billion at the end of June.<\/p>\n

The IMF deal will unlock billions of dollars from nations and other multilateral lenders.<\/p>\n

Read:US envoy Blome assures Dar of unwavering support in reaching IMF deal<\/a><\/p>\n

In the plan sent to the lender, sources in the Finance Division said that Pakistan arranged $3.5 billion in bilateral funds from China, $2 billion from Saudi Arabia, and $1 from the United Arab Emirates.<\/p>\n

On the multilateral side, Pakistan aims to secure $500 million from Asian Development Bank, $500 million from World Bank, and $3 billion from the IMF.<\/p>\n

Fitch said local authorities expect $25 billion in gross new external financing in FY24, against $15 billion in public debt maturities, including $1 billion in bonds and $3.6 billion to multilateral creditors.<\/p>\n

In a bid to ensure that the programme’s measures are implemented in the lead-up to the elections due in October, the lender’s team met all mainstream political parties including Imran Khan-led Pakistan tehreek-e-Insaf (PTI) to seek support and consensus for the SBA.<\/p>\n

‘Major step towards economic stability’<\/h2>\n

Taking to Twitter, Prime Minister Shehbaz termed the the approval of IMF’s SBA a major step forward in the government’s efforts to stabilise the economy and achieve macroeconomic stability. “It bolsters Pakistan’s economic position to overcome immediate- to medium-term economic challenges, giving next government the fiscal space to chart the way forward,” he added.<\/p>\n

The premier said the milestone, which was achieved against the heaviest of odds and against seemingly impossible deadline, could not have been possible without excellent team effort.<\/p>\n

“I would commend Finance Minister Ishaq Dar & his team at the Ministry of Finance for their hard work. My special thanks are also due to\u00a0Kristalina Georgieva, MD of IMF and her team for their support & cooperation.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) on Wednesday approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of about $3 billion days after reaching a staff-level agreement with the country. \u201cToday, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million […]<\/p>\n","protected":false},"author":3,"featured_media":851,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,14,19],"tags":[397,77,395,356,110,111,114,79,396,258,31,82],"class_list":["post-850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-news","category-top-stories","tag-3billion-dollar","tag-china","tag-deal","tag-debt","tag-economy","tag-imf","tag-imrankhan","tag-india","tag-isarail","tag-ishaq-dar","tag-pakistan","tag-usa"],"yoast_head":"\nIMF APPROVED 4 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