Hope to get relief package for Pakistan trapped in economic crisis, IMF meeting on August 29

The Executive Board of the International Monetary Fund (IMF) is scheduled to meet on August 29 to seal a relief package to help Pakistan. This information has been given in Pakistani media quoting Finance Minister Miftah Ismail.

The Executive Board of the International Monetary Fund (IMF) is scheduled to meet on August 29 to seal a relief package to help Pakistan.

The Executive Board of the International Monetary Fund (IMF) is scheduled to meet on August 29 to seal a relief package to help Pakistan, which is facing cash crunch. This information has been given by quoting Finance Minister Miftah Ismail in a news published in Pakistani media on Saturday. According to this, the IMF has sent a letter of intent related to the relief package to Pakistan, after which it will be signed and sent back.

Relief package will be stamped

He expressed hope that the relief package for Pakistan will be approved in the meeting of the IMF’s executive board at the end of the month.

According to sources, this important meeting of the IMF will be held on August 29. In this, a proposal to increase the financial assistance for Pakistan from $ 1 billion to $ 7 billion and to extend this assistance program till August 2023 will be put up for approval.

Sources said that this meeting of the IMF has been called after Saudi Arabia, the United Arab Emirates (UAE), Qatar and China agreed to jointly give four billion dollars in aid to Pakistan.

Getting the approval of the relief package from the IMF means a lot for Pakistan. Pakistan is facing a deep foreign exchange crisis. It has very little foreign exchange reserves left and may face a balance of payments crisis in the coming few weeks.

Let us tell you that after Sri Lanka, now the economy of another neighboring country of India has come close to sinking. Actually, Pakistan’s foreign exchange reserves have reached record low levels. At the same time, there are signs of no decline in the coming time. Pakistan’s foreign exchange reserves, which are facing the cash crisis, have come down drastically to $ 7.83 billion.

This is the lowest level of foreign exchange in Pakistan after the year 2019. The situation is that Pakistan’s foreign exchange reserves are equal to the import bill of 3 to 4 weeks. About a month ago, Pakistan’s foreign exchange reserves were equal to the import bill of 5 to 6 weeks. That is, the situation in Pakistan is deteriorating continuously.

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