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.
Prime Minister Narendra Modi met the champion Indian team at his residence in Delhi. During the m
Prime Minister Narendra Modi along with Union Education Minister Dharmendra Pradhan reached Bhara
Former Indian team head coach Ravi Shastri has given his opinion on whether captain Rohit Sharma
"We stand for each other...," an Arunachal woman harassed in China replies to trollers
Pema Wang Thongdok, a woman from Arunachal Pradesh who faced harassment in China, has now targete
Virat Kohli 50th Hundred IND vs NZ Semi-Final: Virat Kohli created a new history by breaking the
Kargil Vijay Diwas: Why is Kargil Vijay Diwas celebrated only on 26 July? know history
The border conflict between India and Pakistan has been ongoing since partition. There is a firin
An exciting match was played in the Vijay Hazare Trophy 2023 on Tuesday, in which Himachal Prades
Suresh Chandrakar, the prime accused in the murder of journalist Mukesh Chandrakar in Bijapur, Ch
Companies spend money lavishly to make their brands reach the millions of people who come to take
A big dream project of Bihar Chief Minister Nitish Kumar was completed on Gandhi Jayanti. Caste c
