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.
India is once again witnessing a massive surge at the box office, thanks to Aditya Dhar's spy-act
Once again a Canadian MP has stated the murder of Khalistani supporter Hardeep Singh Nijjar. A le
Prime Minister Narendra Modi addressed the people at Modi Maidan in Udhampur today. Prime Ministe
Nikki's murder case has given rise to many such questions, whose answers have become necessary fo
Dawood Ibrahim The news of the poisoning of underworld don Dawood Ibrahim, who was hiding in Paki
Nature's havoc was witnessed in Sikkim, where around 51 people died due to a cloud burst. So far,
The Delhi High Court heard a petition on Friday seeking a reduction in GST on air purifiers. Duri
Braj's Holi: Long queues of vehicles from Barsana to Nandgaon... roads jammed; broken traffic system
Lakhs of devotees are reaching Mathura due to Rangotsav in Barsana-Nandgaon. Due to this, the tra
Indian cricket team's star batsman Virat Kohli has once again sought refuge at the feet of Lord S
Following a volcanic eruption in Ethiopia that had been dormant for nearly 10,000 years, a plume
