
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.
EPFO VISHWAS 2026 Launched: Stuck PF Claims to Be Cleared, Long-Pending Funds to Be Released
In a major relief for employers and Employees' Provident Fund (EPF) stakeholders, the Employees'
A major security breach occurred on Friday at the Chennai residence of Tamil superstar and politi
There was a lot of excitement at the pre-wedding functions of Anant Ambani, the youngest son of t
For the biggest gathering of faith Maha Kumbh, the railway will run 13 thousand trains in 45 days
Currently, there are nine contestants remaining on Bigg Boss 19. The reality show's finale will b
Israel has officially declared war after the attack by terrorist organization Hamas. After the ma
Nayara Energy, one of the country’s largest private fuel retailers, hiked the prices of pet
Police are continuously investigating the case of firing outside the house of Bollywood superstar
Was Esha Gupta Hardik Pandya's dream girl? The bold queen said- we were on a dating stage...
Along with Hardik Pandya's cricket career, his fans are also impatient to know about his love lif
Prime Minister Narendra Modi today distributed appointment letters to 71000 newly appointed peopl