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 Modi addressed a post-budget webinar on "Sustaining and Strengthening Economic Gro
Amid the ongoing controversy over the derogatory comments made by Maldivian ministers on Prime Mi
'Stop the 10-minute delivery option', Gig workers on strike today; what are their demands?
The countdown to the New Year has begun. In a few hours, the entire world will be celebrating the
An exciting Super-8 match will be played between India and Australia on Monday. A tough competiti
Once again the fire of violence is blazing in Manipur. Two commandos of Manipur Police have been
Election Commission sources on Friday questioned why Congress leader Rahul Gandhi has not raised
On SP President Akhilesh Yadav's statement that he will get the Chief Minister's residence dug up
Anushka Sharma and Virat Kohli are one of the power couples of Bollywood. Both are alwa
Actor Vijay Thalapathy also entered the fray to try his luck in the Tamil Nadu Assembly elections
Bahraich: Another wolf caught... Five wolves have been captured so far, one still out of reach
Another wolf was caught in Bahraich late on Monday night. So far five wolves have been caught her
