The poor government of Pakistan was not even able to pay the tax of this building. This building is on the famous R Street of Washington and three contenders were found for it. In the year 2018, its diplomatic status was also abolished. The building was also not maintained properly due to which the local government declared it unsafe to live in and dangerous to live in. This building itself used to have the Pakistani embassy at one time.
IMF gave loan to Pakistan
The Government of Pakistan is selling many of its properties in America. Earlier, Pakistan had leased its New York-based Roosevelt Hotel in America. Meanwhile, the International Monetary Fund (IMF) has announced that its executive board has approved a $3 billion bailout program for Pakistan. With this, $ 1.2 billion will be given immediately to help the country facing the cash crunch.
In a statement released late on Wednesday, the IMF said, “The IMF’s executive board approved a nine-month stand-by arrangement for assistance to Pakistan amounting to approximately $3 billion, or 111 per cent of the quota,” Dawn news reported. SBA) has been approved. ‘A difficult external environment, devastating floods and wrong policies have resulted in a huge deficit in foreign exchange along with fiscal deficit, inflation in the country.’ Following the announcement, Prime Minister Shehbaz Sharif said the bailout was a major step in efforts to stabilize the economy, BBC reported.
Pakistan also gets help from UAE and Saudi
“It will help Pakistan overcome immediate to medium-term economic challenges and strengthen its economic position,” he said. Earlier this week, Pakistan also received $2 billion in funding from Saudi Arabia and $1 billion from the United Arab Emirates. The deal with the IMF came after eight months of difficult negotiations on how to deal with serious long-term issues with Pakistan’s ailing economy. Troubled Pakistan is on the verge of being unable to repay the loans to the lenders.