IMF to revive $6 billion Pakistan funding programme
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Friday
August 19, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
FRIDAY, AUGUST 19, 2022
IMF to revive $6 billion Pakistan funding programme

South Asia

Reuters
22 November, 2021, 03:20 pm
Last modified: 22 November, 2021, 03:24 pm

Related News

  • Internet goes down for several hours in parts of Pakistan
  • Pakistan names Jameel Ahmad as new central bank governor
  • Israeli forces kill Palestinian youth in West Bank clashes, medics say
  • Bangladesh is not in a crisis situation: IMF
  • 20 dead, 6 injured in bus-oil tanker collision in Pakistan's Punjab

IMF to revive $6 billion Pakistan funding programme

Pakistan entered the $6 billion funding programme with the IMF in 2019, however, the funding stalled earlier this year due to reforms issues

Reuters
22 November, 2021, 03:20 pm
Last modified: 22 November, 2021, 03:24 pm
IMF to revive $6 billion Pakistan funding programme

The International Monetary Fund (IMF) said on Monday it has reached an agreement with Pakistan that will help revive a stalled $6 billion funding programme for the South Asian country, which faces growing economic challenges.

"The Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms needed to complete the sixth review," the IMF said in a statement.

"The agreement is subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms," it said.

It said completion of the review would make available 750 million in IMF special drawing rights, or approximately $1.059 billion, bringing total disbursements so far to about $3.027 billion.

Pakistan entered the $6 billion funding programme with the IMF in 2019, however, the funding stalled earlier this year due to reforms issues.

Finance Adviser Shaukat Tarin said last week Pakistan has been in talks with the IMF over terms and conditions of the programme, which he said had been made harder due to economic losses caused by Covid-19 shut downs.

He said Pakistan had to complete five reforms before the IMF revived the funding, including legislation on central bank autonomy, withdrawal of tax exemptions and increased energy tariffs.

The agreement was struck after 45 days of discussions between the finance team and the IMF, a Pakistan finance ministry spokesman said.

"This will remove lot of uncertainties," he said.

Pakistan has been grappling with a historical currency devaluation, high inflation and a current account deficit while investors have become nervous about the outcome of the talks between the government and the IMF.

Top News / World+Biz

IMF / Pakistan / Funding

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Stories beneath the trade data
    Stories beneath the trade data
  • Photo: Collected
    India also will be ashamed of FM Momen’s statement: Quader
  • Logo of BNP
    BNP slams Momen for 'asking India to keep PM Hasina's govt in power'

MOST VIEWED

  • A man explores social media on a computer at an internet club in Islamabad, Pakistan, August 11, 2016. REUTERS/Faisal Mahmood
    Internet goes down for several hours in parts of Pakistan
  • Taliban leaders attend the first-anniversary ceremony of the takeover of Kabul by the Taliban in Kabul, Afghanistan, August 15, 2022. REUTERS/Ali Khara
    Taliban leader says foreign engagement will be in line with sharia
  • The logo of the State Bank of Pakistan (SBP) is pictured on a reception desk at the head office in Karachi, Pakistan July 16, 2019. REUTERS/Akhtar Soomro/File Photo
    Pakistan names Jameel Ahmad as new central bank governor
  • FILE PHOTO: Sri Lanka's Prime Minister Ranil Wickremesinghe gestures as he speaks during an interview with Reuters at his office in Colombo, Sri Lanka, May 24, 2022. REUTERS/Adnan Abidi/File Photo
    Crisis-hit Sri Lanka to ask Japan to open talks with main creditors, says Wickremesinghe
  • People, including farmers, queue up outside a fuel station, amid the country's worst economic crisis, in Kilinochchi district, Sri Lanka July 28, 2022. REUTERS/ Devjyot Ghoshal
    Sri Lanka c.bank holds rates, governor cautiously optimistic on economy
  • General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
    India eases Russian oil buying in July, boosts Saudi imports

Related News

  • Internet goes down for several hours in parts of Pakistan
  • Pakistan names Jameel Ahmad as new central bank governor
  • Israeli forces kill Palestinian youth in West Bank clashes, medics say
  • Bangladesh is not in a crisis situation: IMF
  • 20 dead, 6 injured in bus-oil tanker collision in Pakistan's Punjab

Features

Illustration: TBS

China-Bangladesh currency clearance agreement can increase trade by 'an unimaginable scale': Li Jiming, Ambassador of China

12h | Interviews
Postcrossing (which connects people through its website) is a system built for postcard enthusiasts, where anyone can sign up and create an account for free. Photo: Noor A Alam

Postcrossers: Reviving a lost art with strangers and postcards

11h | Panorama
We will be facing massive, recurring challenges in the coming years no matter what. Photo: Reuters

Holes in the recession story

1d | Panorama
Illustration: Bloomberg

What nonmonogamy can teach moonlighters and job jugglers

1d | Pursuit

More Videos from TBS

Amazing folding smartphone

Amazing folding smartphone

3h | Videos
How Russia gets advantage for geographical location?

How Russia gets advantage for geographical location?

5h | Videos
Is textbooks enough for students?

Is textbooks enough for students?

5h | Videos
134-year-old traditional sandwich of New York

134-year-old traditional sandwich of New York

10h | Videos

Most Read

1
From left Afzal Karim, Murshedul Kabir and Mohammad Jahangir
Banking

Sonali, Agrani and Rupali banks get new MDs

2
Russia now offers Bangladesh finished oil
Energy

Russia now offers Bangladesh finished oil

3
Photo: TBS
Bangladesh

5 crushed to death as BRT girder falls on car in Uttara

4
Photo: Collected
Economy

Bangladesh is not in a crisis situation: IMF

5
Dollar price drops by Tk8 in kerb market
Economy

Dollar price drops by Tk8 in kerb market

6
Eight more banks make unusual gains from forex dealings
Banking

Eight more banks make unusual gains from forex dealings

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net