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 Pakistan cricket team and its players always find ways to create a ruckus. Before the start o
Amid the ongoing tension with Pakistan, a mock drill will be held on Saturday in the border state
Prime Minister Narendra Modi is on his first visit to Gaya in Bihar today after taking oath as PM
Pakistan vs Iran: Did Pakistan consult the US before attacking Iran? Know what America said
Many countries of the world are worried about the increasing tension between Pakistan and Iran. A
A few days ago, former Congress President Rahul Gandhi (Rahul Gandhi Death Threat) had given a st
Union Minister Kiren Rijiju on Tuesday targeted Bengal Chief Minister Mamata Banerjee for refusin
Akashdeep Gill, who was arrested from Punjab in connection with the murder of NCP leader Baba Sid
Congress President Mallikarjun Kharge said that to win the Lok Sabha elections, we will have to f
Preparations are being finalized for the consecration of Ram Lalla to be held in Ayodhya on 22 Ja
Shubman Gill on Mohammed Shami. Indian team's fast bowler Mohammed Shami is wreaking havoc in the
