The Chief of Army Staff, General Qamar Javed Bajwa, has requested assistance from Washington in achieving an early transfer of funds from the International Monetary Fund in order to help stabilize Pakistan's shrinking economy. Deputy Secretary of State Wendy Sherman, according to security sources, spoke with the army chief earlier this week. It is stated that the army chief made a plea to the White House and Treasury Department to get the IMF to immediately supply the almost $1.2 billion that the country is slated to receive under a reopened loan program. "Staff-level approval" for the loan was granted by the International Monetary Fund (IMF) on July 13. IMF Executive Board clearance is required before the transaction can be completed as part of Pakistan's $6 billion Extended Fund Facility. The International Monetary Fund (IMF) will be on vacation for the next three weeks, and its board will not meet until late August at the earliest. According to an IMF official wh...
FOR PAKISTAN, THE WORLD BANK APPROVED US$200 MN IN AID
Days after Pakistan secured a staff-level agreement with the International Monetary Fund (IMF) for the release of US$1.17 billion, the World Bank has authorized the transfer of US$200 million to Pakistan, according to ARY NEWS.
The money was given to the nation as help since the World Bank has already given US$40 billion in this direction and there are already 60 projects worth US$14 billion underway with its assistance.
Details indicate that the Punjab province will get US$200 million for enhancing the agricultural sector and subsidizing projects held by small farmers, as well as for equipping the latter with technologies to combat the effects of climate change.
The program might provide benefits to up to 190,000 farmers and will assist improve the delivery of water supplies to 1,400,000,000,000 acres of land.
It is important to note that Pakistan and the International Monetary Fund (IMF) recently agreed at the staff level to disburse US$1.17 billion as part of the combined 7th and 8th reviews of Pakistan's Extended Fund Facility (EFF).
The deal is pending approval by the Executive Board of the IMF, according to a statement released by the Fund.
The IMF Board will also take into consideration extending the EFF until the end of June 2023 and increasing access by SDR 720 million, which will bring the total access under the EFF to approximately US$7 billion, in order to support program implementation, meet the increased financing needs in FY23, as well as spur additional financing.
FOR PAKISTAN, THE WORLD BANK APPROVED US$200 MN IN AIDE
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