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.
Viral videos circulating on social media have sparked concern after showing e-rickshaws allegedly
The beginning of the year may have been slow for Hindi films, but now the box office is slowly ge
Bharat Biotech claimed on Thursday that its anti-coronavirus vaccine Covaxin is sa
Apple has launched the all-new iPhone 17 series at its 'Awe Dropping' launch event on September 9
The controversy over Diljit Dosanjh's recently released film 'Sardarji 3' is not stopping. The fi
The Rajasthan Royals suffered a 5-wicket defeat at the hands of the Delhi Capitals in the 62nd ma
Congress attacks PM Modi's Israel visit: Attacks his address at NEST, cites Nehru-Einstein letter
The Congress party has reacted sharply to Prime Minister Narendra Modi's address to the Israeli P
The Mumbai Crime Branch is continuing its investigation into the firing incident at the Juhu resi
Prime Minister Narendra Modi will file a nomination for the Lok Sabha elections from the Varanasi
In view of the rising temperatures and the severe heatwave situation in the capital, Chief Minist
