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.
IC-814 series row: Ministry tells Netflix to keep religious sentiments in mind
Introduction
Kangana Ranaut has been given a ticket by the BJP from the Mandi constituency of Himachal Pradesh
The third match of the five-Test series between India and England will be played in Rajkot from T
The film 'Laapataa Ladies', directed by Kiran Rao, may not have performed very&nbs
India won six medals in the Paris Olympics in 2024, but the country's performance was worse than
After midnight, these melodious sounds are continuously echoing in the streets of Ayodhya in the
Allu Arjun's much-awaited film 'Pushpa 2: The Rule' is all set to release on the big screen on De
Pakistan cricket team captain Mohammad Rizwan accepted the crushing defeat from India. During the
On Monday morning, lakhs of youth took to the streets in Nepal. The anger of the youth was sparke
Tanya Mittal is the most talked-about contestant of Bigg Boss season 19. From the very first day,
