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.
The Waqf Amendment Bill has been challenged in the Supreme Court. However, it has been signed by
Seven devotees died in a stampede at Siddheshwar Nath Temple (Stampede in Siddheshwar Nath Temple
Mumbai and Assam Police are looking for YouTuber Ranveer Allahabadia aka 'BeerBiceps Guy' for his
Some contestants created a lot of discussion in Bigg Boss 17. His personal life attracted more at
On May 18, a speeding Porsche car hit a bike in Pune, Maharashtra. Two bike riders died on the sp
'Don't give a gun license to Salman Khan', Bishnoi community put forward demand in front of police
Bollywood star Salman Khan's troubles do not seem to end. Now the Bishnoi community has requested
A BJP MLA from Maharashtra has made an inflammatory statement. In Sangli, BJP MLA Gopichand Padal
Prime Minister Narendra Modi has reached the US capital, Washington, D.C., where he was given a g
Actress Deepika Padukone is in the news for her upcoming film 'Fighter'. This film will be releas
According to Bangladesh media reports, on Friday (November 29), Bangladesh authorities ordered th