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.
India's star javelin thrower Neeraj Chopra finished second in the Zurich Diamond League. He quali
The role of a finisher in Indian cricket has always been a topic of discussion, but Rinku Singh,
Australia defeated Pakistan in the second Test and took a 2-0 lead in the three-match Test series
Indian ODI team vice-captain Shreyas Iyer suffered an injury during the tour of Australia. The in
Only a few months are left for the Lok Sabha elections to begin. In such a situation, Congress le
Prime Minister Narendra Modi held a bilateral meeting with Paraguay's President Santiago Pena Pal
Indian women's cricketer Smriti Mandhana has been continuously in the headlines. After her weddin
Many players of the England cricket team have left IPL 2024 midway and returned home. The England
The release date of the film 'The Crew' starring Kareena Kapoor, Tabu, and Kriti Sanon has been a
Bollywood actress Karisma Kapoor's ex-husband and famous industrialist Sunjay Kapur passed away r
