
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.
The film Game Changer directed by global star Shankar Shanmugam is all set to enthrall the audien
Team India batsman Tilak Varma played a brilliant innings against Zimbabwe. He had struggled so f
IND vs AFG Head to Head: Afghanistan is counted among those teams, which have the power to surpri
Star wicketkeeper-batsman Rishabh Pant has returned to the field after almost 15 months. Currentl
Even after six days of the order of the Punjab and Haryana High Court, the Haryana government has
Rahul Dravid, who led the Indian team to win the T20 World Cup under his coaching, is spending qu
Delhi Capitals spinner Akshar Patel believes that the introduction of the Impact Player rule in t
Salman Khan's father and writer, Salim Khan, is undergoing treatment at Lilavati Hospital in Mumb
Waves 2025: Shahrukh Khan impressed by PM Modi's initiative, praised it on social media
Bollywood King Shah Rukh Khan was seen supporting Prime Minister Narendra Modi's vision for the m
There is a wave of mourning in the family of Bollywood superstar Salman Khan's bodyguard Shera, w