Pakistan Economic Crisis: Pakistan US Embassy Owned Washington Building Sold Amid IMF Loan

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Washington/Islamabad: Pakistan, which reached the era of great poverty, now has to sell its historical building in America. Pakistan was trying for many months to sell this building but now it has got success. This building, located in the US capital Washington, was lying vacant since 2003. This building has been sold for $7.1 million. This property has been bought by Pakistani businessman Hafiz Khan. The US government had downgraded the building of this Pakistani embassy, ​​due to which the outstanding tax on it had increased a lot. 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.
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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.

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In a statement issued late on Wednesday night, 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.
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“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.

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