Pakistan, which is facing a cash crunch, has got a big relief. A staff-level agreement has been reached between the Government of Pakistan and the International Monetary Fund (IMF) on a 'Standby Arrangement' worth $3 billion. The agreement in Pakistan was long awaited.
Explain that Pakistan's economy has been in a continuous decline mode for the last several years, due to which inflation has become uncontrolled and the pressure on the poor people is increasing. This has made it almost impossible for a large number of people to make a living.
"I am pleased to announce that the IMF team has contributed SDR 2,250 million (about $3 billion, or 111 percent of Pakistan's IMF quota)," Nathan Porter, International Monetary Fund's mission chief in Pakistan, said in a statement on Thursday. A staff-level agreement has been reached with the Pakistani authorities on a nine-month stand-by arrangement (SBA) in the amount of Rs.
The new SBA builds on efforts by officials under Pakistan's 2019 EFF-supported program, which expires at the end of June. The agreement is subject to approval by the IMF's Executive Board. The Executive Board may consider this request by mid-July. This funding of three billion dollars in nine months is more than expected for Pakistan. The country was waiting for the release of the remaining $2.5 billion out of an agreed $6.5 billion bailout package in 2019, which expires on Friday.
"The new SBA will support the authorities' urgent efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability, and provide a framework for securing financing from multilateral and bilateral partners," the statement said.
It added that because of the daunting challenges ahead, full and timely implementation of the program will be critical to its success. Pakistan's economy has faced several challenges in recent times, including devastating floods last year and a rise in commodity prices following the start of the Russia-Ukraine conflict.
Police Commissioner Sanjay Arora is elated over the successful completion of the G-20 summit due
The atmosphere remained peaceful at the Shambhu border on Sunday. However, there was a lot of cro
India is ready to chair the G20 summit. Prominent politicians from all over the world are going t
After 22 years, Sunny Deol has once again returned to the big screen as 'Tara Singh'. His movie '
The budget session of Chief Minister Naib Singh Saini government is starting from Friday, March 7
Yashasvi Jaiswal's bat has played very well in the four Test matches played against England so fa
Congress MP Shashi Tharoor on Tuesday said that the tariffs imposed by the Trump administration h
It has been decided by the Uttar Pradesh Police Recruitment and Promotion Board to conduct the wr
Karan Aujla suffers a huge loss due to Virat Kohli's RCB's victory, singer loses so many crores?
After waiting for many years, that historic day came on 3 June, which was celebrated with great p
Superstar Prabhas's film 'Kalki 2898 AD' is one of the most awaited films of this year. The audie
