Skip to main content

Pakistans last-gasp IMF bailout as it happened

Pakistan last-gasp, IMF bailout,

KARACHI: Pakistan reached a staff-level agreement with the International Monetary Fund (IMF) to release $3 billion in critical bailout funds following a long drawn-out review process for the cash-strapped economy since November last year.

The agreement is under a Stand-By Arrangement (SBA), as the existing Extended Financing Facility (EFF) programme signed in 2019 expires later on Friday.

Here are some facts about the lead-up to the last-gasp agreement:

May 2019: IMF approves a $6 billion, 39-month bailout package for Pakistan under the EFF struck with the government of then Prime Minister Imran Khan.

April 2022: Khan’s government is removed in a parliamentary vote of no confidence. Shehbaz Sharif takes over as Prime Minister as the country reels from economic and political turmoil.

READ: PAK-IMF agreement: Govt expected to raise petroleum levy

July 2022: IMF and Pakistan reach staff-level agreement for the release of about $1.2 billion in the last successful EFF review until the SBA.

Aug 2022: The IMF board approves the seventh and eighth reviews of the bailout programme, allowing for a release of over $1.1 billion and an extension by a year.

Sept 2022: Miftah Ismail resigns as finance minister, the fifth such minister to be replaced in less than four years.

Ishaq Dar takes over as finance minister for his fourth stint in the job, with Pakistan’s next staff review, the ninth under the EFF, and funds tranche due in November.

Nov 2023: Pakistan, IMF begin virtual engagement for the ninth review of the loan programme. A staff delegation visit does not materialise due to differences on programme targets, and Dar hits out at the IMF for the delay.

Jan 2023: Pakistan reiterates commitment to completing the IMF programme in a meeting on the sidelines of a climate conference in Geneva.

An IMF staff delegation visits Pakistan after weeks of delays, but the 10-day visit concludes without an agreement to send the matter to the board, increasing economic uncertainty.

Feb 2023: Pakistan, IMF decide to resume talks virtually on steps needed to secure an agreement for the ninth review.

May 2023: IMF mission chief says continuing to work with Pakistani authorities to bring the ninth review to conclusion once necessary financing is in place.

June 22, 2023: Sharif meets IMF Managing Director Kristalina Georgieva in Paris, looking to secure a last minute release of the stalled funds before the programme expires on June 30.

June 24, 2023: Pakistan changes its budget for the financial year starting on July 1, including the latest fiscal tightening measures dictated by the IMF.

June 26, 2023: Pakistan’s central bank raises its benchmark interest rate by 100 basis points to 22% at an emergency meeting days before IMF programme expires.

June 30, 2023: IMF reaches staff-level agreement with Pakistan on $3 billion funding, which is spread over nine months and is higher than expected. The country was awaiting the release of the remaining $2.5 billion from the $6.5 billion bailout package agreed in 2019, which was expiring on Friday.



from Latest Pakistan News and Breaking News from All over Pakistan https://ift.tt/EbdV3Tx
Labels:

Comments

Post a Comment

Popular posts from this blog

Elevate Your Style with a Men's Leather Jacket with Fur Collar

When it comes to timeless fashion, the allure of an original leather jacket is undeniable. These iconic pieces have transcended generations, exuding rugged sophistication and individuality. However, if you're seeking to take your style to the next level, consider a distinctive choice: the Men's leather jacket with fur collar . The Appeal of Original Leather Jackets Original leather jackets have long been celebrated for their durability, versatility, and timeless appeal. These jackets are something beyond clothing; they are an assertion of style, an encapsulation of disobedience, and an image of exemplary cool. Whether you're riding a motorcycle, strolling through the city, or attending a casual gathering, an original leather jacket elevates your look. The Allure of a Fur Collar What sets the Men's leather jacket with fur collar apart is its exquisite detailing.The option of a fur collar not just gives an additional layer of warmth during colder months yet in addition
Post a Comment
Read more

Shahid Khaqan Abbasi criticises Imran Khan

Former premier and Pakistan Muslim League Nawaz (PML-N) central leader Shahid Khaqan Abbasi criticised the PTI chief and said that the country’s situation would be worse if Imran Khan stays in power today, ARY News reported on Friday. Shahid Khaqan Abbasi said in a statement that the citizens of Pakistan are aware of the prevailing situation in the country. He added with each passing day, those politicians are exposed who brought instability to the country. The former premier alleged that the PTI chairman Imran Khan was bought to power by rigging the general elections. He added that those who brought Khan also admit their mistake, adding that if Imran Khan was in power today, the situation would be worse. Shahid Khaqan Abbasi said that the PML-N handed over Pakistan to the caretaker government in a developed status back in 2018. He added, “After staying in power for 3.5 years, Imran Khan should tell the nation about at least one achievement of his government.” He said that the PML
Post a Comment
Read more

NEPRA releases report on January 23 power breakdown

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has released an inquiry report on a major power breakdown in the country that took place earlier this year, ARY News reported. On January 23, several parts of the country including Islamabad, Karachi, Lahore and Quetta had plunged into darkness as a high-tension electricity supply line between Quetta and Guddu caused a major power breakdown. As per the report, NTDC, Jinco Two Port Qasim Electric Power Company have been held responsible for the countrywide blackout. The Inquiry committee while highlighting the flaws in the power system said electricity generation was increased from wind power plants in the South, while in the North, hydel power generation was decreased. Read more: NEPRA forms probe committee on countrywide power breakdown The power system got affected due to the over supply of electricity in transmission lines, as a result, three plants of K-2 were tripped and 1,940mw electricity disappeared from
Post a Comment
Read more