Your access to this service has been limited. 0000026973 00000 n Pakistan Staves Off Default, Reaches Much-Awaited Deal With IMF for $3 09 July 2023 | Bharat Bhushan Padmadeo | Agenda, 09 July 2023 | Dr Sarvesh Pandey | Agenda, Ukraine's president hails the country's soldiers from a Black Sea island to mark 500 days of war, UN to keep pushing for extension of food and fertilizer exports from Russia and Ukraine, Wimbledon finally finished the first round 2 days later than planned. Earlier during the day, the index was seen unable to sustain the level over 44,000, and retreated to around the 43,900-point mark. The authorities fiscal consolidation plan appropriately aims to ensure a The previous Extended Fund Facility expired on June 30, with the 9th, 10th, and 11th reviews pending. The International Monetary Fund's (IMF) Executive Board has approved the $1 billion loan tranche of their. supported by digitalization efforts, is essential to create fiscal space for Pakistan secured a badly needed $3 billion stand-by arrangement (SBA) from the International Monetary Fund on Friday, giving the South Asian economy a much-awaited respite as it teeters on the brink of default. Review of Nigers economic and financial program supported by the Extended Pakistan had earlier cleared eight of the 11 listed programme reviews, with the ninth review pending since November last year, the report said. Pak PM hopeful of IMF board approving loan agreement - The Pioneer The RSF for Niger, the Here's what the experts have to say when it comes to picking funds for a Roth IRA. The global lender is seeking the support of major political parties including the PTI, PML: N and PPP ahead of its executive board meeting scheduled to be held on July 12 to review and possibly . Shehbaz also stated that he was grateful to the IMF Managing Director, Kristalina Georgieva, and her team, adding that this was Pakistans opportunity to move toward progress. Be mindful of your iron intake, Long Covid & Its Disabling Effects On Hip Joints. You will then receive an email that helps you regain access. 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H\n0 !QJ\@b_J9VOnrN]ztmLCu]diM{9,1qw{tcs'pk)=a~8GvmMkm1lH[:}jeS0fNk\qgl9 /gg-3]0 . The program was extended by six months to June 2025 to ensure sufficient time to implement key reforms and support the authorities' fiscal consolidation efforts. Despite the authorities efforts to reduce imports and the trade deficit, reserves have declined to very low levels. The Financial Sector Assessment Program (FSAP) is a joint program of the International Monetary Fund and the World Bank. Meanwhile, Pakistan expected inflows from friendly Arab countries over the next couple of days to close the fiscal year with a higher foreign exchange reserve position. Board Action: Executive Directors ' consideration (Formal) Tentative Board Date: International Monetary Fund board decision hangs over managing director Earlier this week, Batakis told IMF officials that she supported the objectives of the fund's programme and would work constructively with the global lender. Pakistan started preparations for the general elections with a meeting of the election commission recently. Washington: All eyes are on the crucial Executive Board meeting of the International Monetary Fund (IMF) that is scheduled to meet today (Monday) for the disbursement of a $1.17 billion loan facility to Pakistan. (HTTP response code 503). the disbursement of SDR 19.74 million (about US$ 26.3 million), bringing Read more on investing.com. Wall Street keeps modest losses after Fed minutes July 5, 2023. Here's an overview of the top Fidelity funds available based on their returns over the last decade. ) and was extended by six months until June 7, 2025. 0000000016 00000 n The International Monetary Fund (IMF) Executive Board meeting on Pakistan has been scheduled for July 12, the lender confirmed in email on Wednesday. The IMF's executive board debated the matter for five hours on Friday before adjourning and scheduling separate meetings on Sunday with Georgieva and attorneys from the WilmerHale law firm.. IMF Executive Board meeting on Pakistan scheduled for July 12 July 5, 2023. LONDON (Reuters) -The International Monetary Fund's board of executive directors met on Friday to discuss the $44 billion Argentine programme for the first time since Silvina Batakis' appointment as economy minister, two people with direct knowledge of the meeting said. Key priorities include stepping up domestic revenue mobilization efforts and advancing with fiscal consolidation plans while strengthening social and priority spending. Sectors driving the benchmark index upwards included, banking (160.19 points), oil and gas exploration (120.42 points) and cement (78.86 points). The owner of this site is using Wordfence to manage access to their site. If you have $1,000 to invest and want to build your portfolio from scratch, consider these stocks. Samuel D. Tweah Jr, Minister of Finance and Development Planning, Liberia. ThyssenKrupp's Nucera valued at 2.5 billion euros in IPO The Executive Board (the Board) is responsible for conducting the day-to-day business of the IMF. energy., Table 1. The nine-month Stand-by Arrangement (SBA), if approved, will bring USD 3 billion, or 111 per cent of Pakistans IMF quota which will ease the countrys financial crisis. Legislative Committee ^. Board Meeting Calendar - IMRF The IMF Executive Board concluded today the third review under the Extended Credit Facility Arrangement for Niger, allowing for an immediate disbursement of about US$ 26.3 million. Volume on the all-share index fell to 297.8 million from 351.2 million on Wednesday, however, the value of shares traded improved to Rs12.4 billion from Rs12 billion recorded in the previous session. The IMF Press Center is a password-protected site for working journalists. Staff also informed the Board that they were keeping a close watch on market conditions, as some of Argentina's dollar bonds were now trading in very distressed territory under 20 cents on the dollar, said one of the people. Credit Facility arrangement (ECF). Argentina's economy ministry did not reply to a request for comment. The schedule includes: The organization or committee that will discuss the items The items to be discussed The date and time List of Boards Calendar reports in the external Documents & Reports (as of September 15, 2011) IMF EXECUTIVE BOARD CALENDAR CALENDAR OF EVENTS WB Events and Consultations IFC News and Events MIGA News and Events Separately on Friday, the Argentine government said it made scheduled payments to the Fund for about $1.3 billion. The Nigerien authorities have made good progress in implementing their economic reform program despite a challenging security situation and climate shocks. IMF delegation calls on Imran Khan, PPP leaders ahead of board meeting The country was awaiting the release of the remaining USD 2.5 billion from a USD 6.5 billion bailout package agreed in 2019, which expired on June 30. Bolstered by developments on the International Monetary Fund (IMF) front, the Pakistan Stock Exchange (PSX) witnessed another bullish run on Thursday as the benchmark KSE-100 Index closed well over the 44,000 level widely seen as a resistance point earlier in the week. Whether you're a novice seeking a core holding or an advanced investor seeking diversification, these BlackRock iShares funds have what you're looking for. PR21/366 You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. All rights reserved. Pakistan is hoping that the Washington-based lender will release the first tranche of USD 1.1 billion as part of the loan programme. CNN and the CNN logo are registered marks of Cable News Network, LP LLLP, displayed with permission. Benefit Review Committee. Your access to this service has been limited. few years, including the COVID-19 pandemic, the worsening security He said Pakistan was no longer under the threat of default. IMF Team to Meet PTI Chairman Today to Seek Assurance - ProPakistani Reforms to improve the efficiency 95 0 obj <>stream The IMF Executive Board also approved today an arrangement for Niger under the newly created Resilience and Sustainability Facility (RSF) for about US$ 131.5 million. Get more than 2% yield as well as revenue growth in these stocks. Nigers three-year ECF for SDR 197.4 million (about US$ 275.8 Spring/Annual Meetingssecministerialmeetings@imf.org. 177 of the Executive Board, June 10, 1947. . The $3 billion funding, spread over nine months, is higher than expected for Pakistan. Statement. IMF Executive Board Approves a Disbursement of US$11.6 - ReliefWeb Financial Sector Assessment Program (FSAP) - World Bank Group endstream endobj 77 0 obj <> endobj 78 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/TrimBox[0.0 0.0 432.0 648.0]/Type/Page>> endobj 79 0 obj <> endobj 80 0 obj <> endobj 81 0 obj <> endobj 82 0 obj <> endobj 83 0 obj <> endobj 84 0 obj <> endobj 85 0 obj <>stream DOCUMENT OF INTERNATIONAL MONETARY FUND AND FOR OFFICIAL USE ONLY EXECUTIVE BOARD MEETING SM/17/190 . Club de Paris The USD 3 billion funding, spread over nine months, is higher than expected for Pakistan. PDF EXECUTIVE BOARD MEETING - imfconnect.org Annual Meetings Home; Registration; Guide for Participants; OED/Staff Information Page; Host Country. (HTTP response code 503). approved on December 8, 2021 (see entities, such as banks, credit card issuers or travel companies. Appointment of EXIM Sub-Saharan Africa Advisory Committee for 2023-24 hb```b``e`a`0fd@ AV68F "tDtv39=A*&YGyY +jeuXd trailer Downing Street refuses to say if PM will attend debate on report rebuking Johnson allies Number 10 has declined to say whether Rishi Sunak will attend the Commons debate on a report that rebuked . IMF xref The IMF Executive Board meeting on Pakistan to consider a $3 billion loan programme will be held on July 12, the lender confirmed to journalists via email on Wednesday night. "IMF staff regularly hold information sessions with Executive Board Members on policy and country matters," an IMF spokesperson said via email. The staff level agreement on the SBA is subject to approval by the IMF Executive board. KARACHI, Pakistan (Reuters) - The International Monetary Fund (IMF) Executive Board meeting on Pakistan has been scheduled for July 12, the lender confirmed in email on Wednesday. The IMF Executive Board concluded today the third review under the Extended Credit Facility Arrangement for Niger, allowing for an immediate disbursement of about US$ 26.3 million. Talks were originally scheduled to continue this week, but the meeting in the French capital was postponed after Guzman's resignation. Pakistan was absent from an earlier schedule released in June, igniting speculation that the Washington-based lender was not going to release funds from an earlier programme that expired on June 30. informed fiscal planning and management, and promote the use of renewable (Reporting by Ariba Shahid in Karachi; Editing by Chris Reese and Sandra Maler), Tags: United Nations, Pakistan, loans, Asia. The International Monetary Fund (IMF) Executive Board meeting in Pakistan has been scheduled for July 12, the lender confirmed in an email on Wednesday. Investment Committee. IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, High-Level Summary Technical Assistance Reports, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves, IMF Borrowing Arrangements: GAB and NAB -- A Factsheet, Special Drawing Rights (SDRs) -- A Factsheet. The staff level agreement on the SBA is subject to approval by the IMF Executive board. well-designed oil revenue management strategy that guarantees transparent File photo of Pakistan PM Shehbaz Sharif. require a prudent debt policy and continued efforts to prioritize On June 29, 2023, the Task Force to Study and Develop Reparation Proposals for African Americans issued its final report to the California Legislature. favorable, with the start of crude oil exports through the new pipeline to The California Reparations Report - Department of Justice resilience. Annual Meetings 2023. (about US$131.5 million or 75 percent of quota). Prime Minister Sharif acknowledged Finance Minister Ishaq Dars effort in reaching a staff-level agreement with the IMF on a nine-month Stand-by Arrangement (SBA) in the amount of SDR 2,250 million (about USD 3 billion).Because of Ishaq Dar and his teams efforts, on July 12, God willing in the board meeting, I am hopeful that it will be approved, he was quoted as saying by The Dawn newspaper. Steadfast Wall Street keeps modest . Host Country Site; Virtual Exhibit; Moroccan Tourism; Resources. 0000003363 00000 n IMF Executive Board Meeting on Greece: Full Statement and Recap By Fani Toli February 7, 2017 Christine Lagarde, the managing director of the IMF. IMF's executive board to approve loan for Pakistan on July 12 buttressing macroeconomic stability while laying the foundations for IMF Executive Board Meeting To Be Held On July 12 The staff-level agreement on the SBA is subject to approval by the IMF Executive board The International Monetary Fund (IMF) Executive Board meeting thefridaytimes.com - News Desk 2h Read more on thefridaytimes.com Finance Investing Small Business Business IMF More stories from IMF 0000004771 00000 n All Rights Reserved. fourth in Sub-Saharan Africa, will support the implementation of the With the approval of the Board meeting, Pakistan will immediately get $1.17 billion. The staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July, the . situation in the Sahel region, and climate shocks. under the Resilience and Sustainability Facility (RSF) for SDR 98.7 million duration will coincide with the period remaining under the ECF, as extended. The funds will support the authorities immediate efforts to stabilise the economy from recent external shocks, an IMF statement said. From: The Secretary . The staff level agreement on the SBA is subject to approval by the IMF Executive board. However, bulls returned to help the KSE-100 settle at 44,178.85 for an increase of 626.01 points or 1.44%. and quality of public spending are important. Final stage: Crucial IMF Executive Board meeting today Phone:+1 202 623-7100Email: MEDIA@IMF.org. SHARE. To: Members of the Executive Board . Deputy Managing Director, and Acting Chair of the Board, made the following 0000001674 00000 n addressing elevated NPLs. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". In an informal meeting, the fund's staff said Batakis, who was sworn-in on Monday, was in the process of selecting her team, and once ready the first contacts between technical level IMF officials and new Argentine officials will be made. The purpose of the meeting was to update the board on the state of affairs in Argentina, the fund's largest debtor, the sources said. March 20, 2023 All eyes will be on Washington today as the Executive Board of the International Monetary Fund (IMF) meets to decide on the Extended Fund Facility (EFF) arrangement for Sri Lanka. These health care ETFs are stable players in a stable industry. 2023 Business Recorder. The outlook remains It has faced several challenges in recent times, including devastating floods last year and commodity price hikes following the war in Ukraine. Both asked not to be named because talks are confidential. Wordfence is a security plugin installed on over 4 million WordPress sites. climate-related issues into public investment management, enhance disaster Launched in 1999 in the wake of the Asian financial crisis, the program brings together Bank and Fund expertise to help countries reduce the likelihood and severity of financial sector crises. 2023 Board Meeting Calendar. 0000003803 00000 n 0000018837 00000 n stronger and more inclusive growth. The country was awaiting the release of the remaining $2.5 billion from a $6.5 billion bailout package agreed in 2019, which expired on Friday. gradual return to the WAEMU convergence criteria by 2025. REUTERS/Akhtar Soomro/File PhotoReuters. %PDF-1.3 % A Time Warner Company. Silver is having its moment with a wide range of industrial applications. Days before the International Monetary Fund (IMF) executive board meeting to review and possibly endorse a $3 billion Standby Arrangement (SBA) for Pakistan, a delegation of the global lender on Friday called on Pakistan Tehreek-e-insaf (PTI) Chairman Imran Khan in Lahore and leaders of Pakistan People Party in Islamabad. Following the Executive Boards discussion on Niger, Ms. Antoinette Sayeh, 0000003474 00000 n 6@?@?xN3[s.0*1W%WeU {{y>S>W;ZYO6ZsUf C`V IMF Executive Board Meeting on Pakistan Scheduled for July 12, FILE PHOTO: People stand by a makeshift stall selling imported general items in a market in Karachi, Pakistan, February 15, 2023. Amidst the political turmoil, Pakistans economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet. The staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July, the Washington-based lender said in a statement on its website. The previous Extended Fund Facility expired on June 30, with the 9th, 10th, and 11th reviews pending. IMF Executive Board meeting on Pakistan scheduled for July 12 and prudent management of these resources. His departure sparked concerns of a shift towards populist policies and state spending in the country where inflation is running above 60%. Pakistans economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet. Generated by Wordfence at Sun, 9 Jul 2023 7:20:29 GMT.Your computer's time: document.write(new Date().toUTCString());. Reuters | Updated: 05-07-2023 23:46 IST | Created: 05-07-2023 23:46 IST. This July 4, these top "American-made" ETFs look positioned to stand out from the rank and file in 2023. Investors can capitalize on momentum in growth stocks with these ETFs. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed. The content The meeting was attended by Ilan Goldfajn and Julie Kozack, the head and deputy director of the IMF's Western Hemisphere Department, as well as Luis Cubeddu, the IMF's chief of mission to the country. "In this context, today IMF staff briefed the Executive Board on recent economic developments in Argentina.". Tangible progress on the governance agenda is key This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 0 total disbursements under the ECF to SDR 138.18 million (about US$ 184.1

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