The interim budget allocated $14 billion to Jammu and Kashmir, but the IMF granted four to five times more for Pakistan, which is experiencing a financial crisis

The interim budget allocated $14 billion to Jammu and Kashmir, but the IMF granted four to five times more for Pakistan, which is experiencing a financial crisis

A $14 billion interim budget for Jammu and Kashmir was proposed by India, which is 4.5 times higher than Pakistan's request for an IMF bailout.

For the Union Territory of Jammu and Kashmir, India has proposed an interim budget of $14 billion for the fiscal year 2024–2025. This sum is over 4.5 times more than what Pakistan has committed to the International Monetary Fund (IMF) for the whole of its territory. is insistent upon. Financial problems. The Washington-based financial organization has authorized a $3 billion rescue plan for Pakistan, which is severely cash-strapped.

On a day observed as "Kashmir Solidarity Day" in Pakistan, Finance Minister Nirmala Sitharaman presented the interim budget. The proposed budget shows a significant commitment to Jammu and Kashmir's economic growth.

According to Sitharaman, significant changes carried out in 2019 made it possible for the Union Territory administration to implement "pioneering" steps that would decentralize the governing structure, encourage inclusive growth, increase income collection, and improve infrastructure development.

The minister of finance said, "The administration is putting policies into action to promote social and economic growth in addition to upholding law and order to guarantee security. Zero tolerance is the government's stance against terrorism."

He said that the situation has much improved as a result of the security services' persistent and successful fight against terrorism.

The IMF accepts Pakistan's $3 billion package in its second tranche.

Following the completion of the first assessment of Pakistan's economic reform program, the IMF granted a US$700 million loan tranche in January for the cash-strapped nation as part of the current US$3 billion bailout package.

The International Monetary Fund (IMF) Executive Board's first evaluation has concluded, the Finance Ministry declared, according to the Dawn daily. The IMF is located in Washington.

The nation's economic performance was examined by a mission from the international lender with headquarters in Washington during the first three months of the fiscal year, which runs from July to September of 2023.

According to a statement from the ministry, the review's conclusion permits the immediate distribution of USD 700 million in Special Drawing Rights (SDRs), bringing the total amount disbursed under the Stand-By Arrangement (SBA) to USD 1.9 billion.

In July 2023, the first US$1.2 billion tranche of the current IMF program, totaling US$3 billion, was made available. The other two tranches were being reviewed; the second is expected in December, and the first has already been finished.