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.
Discussions are in full swing regarding who will become the new mayor of the Mumbai Municipal Cor
The Supreme Court delivered its verdict on the Presidential Reference on Thursday. In the matter,
Prime Minister Narendra Modi is on a Himachal tour today. Meanwhile, he addressed the people from
Rohit Sharma: Rohit stopped fans from chanting 'Mumbai cha Raja Rohit Sharma', the video went viral
Indian ODI team captain Rohit Sharma is spending time with his family these days after retiring f
Violence against the minority Hindu community continues in Bangladesh. Apart from Muslim fundamen
Congress MP Dheeraj Sahu The counting of the notes recovered from the premises of Congress Rajya
The pre-wedding function of Anant Ambani and Radhika Merchant is still in discussion. This event,
Terrorists have created a havoc of death in Pahalgam, Jammu, and Kashmir, which is called heaven
Ladakh environmentalist Sonam Wangchuk, who was arrested after the violent protests in Leh on Sep
Actor Ayush Sharma was recently seen in the film Ruslaan. This was his third
