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.
Indian young sensation Vaibhav Suryavanshi faced jeering from Pakistani fans after the Under-19 A
According to Bangladesh media reports, on Friday (November 29), Bangladesh authorities ordered th
Tanvi The Great: Will the Delhi government show the film 'Tanvi The Great' to children? CM said this
Actor and director Anupam Kher's film 'Tanvi the Great' is in the headlines these days. Recently,
NISAR: What is NISAR, a joint satellite mission of ISRO and NASA? Know what the benefits will be.
The Indian Space Research Organization (ISRO) is going to launch a satellite on Wednesday evening
North Korea Nuclear Test: After the continuous launch of ballistic missiles by North Korea, the U
Former Indian team and Mumbai Indians spinner Harbhajan Singh has stated the ongoing captaincy di
A few days ago, former Congress President Rahul Gandhi (Rahul Gandhi Death Threat) had given a st
Before the 5-Test series against England, the Indian team went through a period of major change.
Kiara Advani is heartbroken by the death of her father-in-law. The actress shared an emotional post.
Bollywood actor Sidharth Malhotra's father, Sunil Malhotra, passed away on February 14th. His fun
A major incident of security breach came to light on Wednesday, the anniversary of the terrorist
