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2023-10-07 India-Pakistan

Pakistan expected to get $3.4bn from Geneva pledges for infrastructure development

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Posted by Fred 2023-10-07 2023-10-07 01:53|| || Front Page|| [20 views ] Top
File under: Govt of Pakistan

#1 UPDATED: JULY 13, 2023
In June, Pakistan was in a race against time to secure $1.1 billion from the International Monetary Fund (IMF) in a bid to solve its worst economic crisis since gaining independence from Britain in 1947. Days before an existing bailout package, the country’s prime minister, Shehbaz Sharif, held last-minute talks with the IMF after scrambling to meet its austerity conditions; he pledged to revise Pakistan’s budget by hiking tax rates and cutting spending.
That led to a dramatic reversal from the global lender: it announced a bigger-than-expected conditional loan of $3 billion, which the IMF calls a stand-by arrangement (SBA). On July 12, the IMF approved the deal, allowing for an immediate disbursement of about $1.2 billion.
Money down a rathole.

Posted by Jerens Black9355 2023-10-07 07:07|| 2023-10-07 07:07|| Front Page Top

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