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 barbaric terrorist attack on the bus of devotees going from Shivkhodi to Katra has shaken eve
In Bhagirathpura, Indore, the cleanest city in the country, 14 people have died after being suppl
Finance Minister Nirmala Sitharaman will introduce the new Income Tax Bill approved by the Select
There is continuous political rhetoric on the issue of supplying ghee mixed with animal fat to Ti
India won the T20 World Cup for the first time in 2007 under the captaincy of Mahendra Singh Dhon
‘Dhurandhar 2’ hit theaters on March 19. Since its release, the film has been setting
The 41-year wait to hoist India's flag in space again is expected to end. Under the Axiom-4 missi
Protests continue over the screening of 'Chhava' in Belgaum, Karnataka. Tension prevailed in Belg
Former Maharashtra Deputy Chief Minister Ajit Pawar died in a plane crash on January 28th. This t
'If we are attacked, then...', S Jaishankar's big statement in front of Iran's Foreign Minister
Tension continues between India and Pakistan. India has attacked 9 terrorist bases of Pakistan. N
