
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.
ChatGPT maker Open AI has dismissed its CEO Sam Altman. The company has raised questions about hi
Keeping in mind the long sixes being hit in IPL, the on-field umpires have started suddenly check
International Yoga Day 2024: PM Modi did yoga with the people of Kashmir at the Sher-e-Kashmir In
Parsi New Year 2022: Today is Parsi New Year 'Navroz', know its tradition, history and importance
Parsi New Year 2022: Today the Parsi community is celebrating Navroz i.e. New Year. Navroz is als
Eleven Supreme Court lawyers will participate in Thursday's bail hearing of former ISKCON priest
JEE Main Exam 2025: This is a big change in the pattern of the JEE Main exam! know full details
The National Testing Agency (NTA) has made changes in the pattern of the question paper of JEE Ma
The central government has withdrawn the Z category CRPF security given to Delhi Chief Minister R
The Board of Control for Cricket in India (BCCI) is considering organizing the second phase of IP
Even after six days of the order of the Punjab and Haryana High Court, the Haryana government has
A major security breach occurred on Friday at the Chennai residence of Tamil superstar and politi