
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 ongoing protest demanding statehood and inclusion of Ladakh in the Sixth Schedule turned viol
Given Pakistan's program to develop long-range ballistic missiles, the US on Thursday imposed new
The 15-year rule of Sheikh Hasina, daughter of Bangladesh's founder Sheikh Mujibur Rahman and kno
Abhishek Bachchan is in the headlines these days for his personal life. If reports are to be beli
The mystery of the rape and murder of a trainee doctor at RG Kar Medical College in Kolkata, the
Ranbir Kapoor and Rashmika Mandanna starrer Animal was one of the highest-grossing films of
Canadian Hindus lash out at Khalistani terrorist's threat, write letter to PM Trudeau
Amid deteriorating relations between India and Canada, Khalistani terrorist Gurpatwant Singh Pann
CAA: Asaduddin Owaisi files petition in Supreme Court against CAA, demands ban on law enforcement
AIMIM Chief Asaduddin Owaisi has filed a petition in the Supreme Court against the Citizenship Am
The prophecy came true! Samay Raina's show India's Got Latent was shut down because of this 'curse'
The troubles of YouTuber Ranveer Allahabadia and stand-up comedian Samay Raina are not reducing.
On completion of 100 days of BJP-led Delhi government, the '100 Din Seva Ke' program has been org