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.
PM Modi recently made many big announcements on the occasion of Independence Day on 15 August. Th
Prime Minister Narendra Modi started the flight service from Hisar Airport by pressing the button
Powered by Sai Sudharsan’s robust batting—following a lethal bowling performance led
The second phase of the ongoing encroachment removal campaign in the Chandola area of Ahmed
Tech giant Apple is reportedly working on a new intelligent anti-theft security feature for iPhon
The fifth phase of elections is to be held on 14 seats of Awadh and Bundelkhand.&n
Oasis School in Hazaribagh district of Jharkhand remains the center of CBI's investigation in the
Complaints of mobile phones being stolen have been pouring in from the crowded concert of singer
Milind Bharambe, Police Commissioner of Navi Mumbai in Maharashtra, said an investigating officer
Former Indian captain Rohit Sharma's bat performed well during the Australia tour, proving his wo
