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.
'Ravan with Vibhishana...', why did this actor refuse to work in Ranbir Kapoor's Ramayana?
Ranbir Kapoor and Sai Pallavi's film 'Ramayana' is the most awaited film of 2026. Fans are very e
On the occasion of International Women's Day, Prime Minister Narendra Modi has given a big gift t
The Indian team can be announced today for the remaining three matches of the ongoing five-match
America's newly elected President Donald Trump (Trump Oath Ceremony) will take oath today (Januar
Following the arrest of Delhi Chief Minister Arvind Kejriwal, the Aam Aadmi Party called for nati
Abhinav Arora, a famous child saint on social media, is in the headlines these days. Recently, a
PM Modi launched PARAM Rudra supercomputer, which will get tremendous benefits; Know its 10 features
Prime Minister Narendra Modi on Thursday launched three Param Rudra supercomputers along with hig
Mumbai terror attack conspirator Tahawwur Rana had helped co-conspirator David Komlan Headley to
Bollywood actor Govinda has been shot in the leg. If reports are to be believed, the incident hap
In the case of Raja Raghuvanshi and Sonam Raghuvanshi, who went to Meghalaya from Indore for a ho
