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.
A situation of war had arisen between India and Pakistan in the past few days. Both countries wer
India defeated Australia by six runs in the fifth T20. With this victory, Team India won the five
The exercise to finalize the security preparations for the G-20 summit starting on September 8 is
The court is to hear the case on Friday on the claim of a temple in Rajasthan's Ajmer Dargah. Vis
Sarfaraz Khan: Sarfaraz Khan became clean and bold in love with a Kashmiri girl, read Nikah secretly
Star batsman Sarfaraz Khan, who plays for Delhi Capitals in IPL, has married a girl from Kashmir.
The conflict over cricket between India and Bangladesh is escalating ahead of the T20 World Cup 2
Famous ghazal singer Pankaj Udhas has passed away. He was ill for a long time. He was 72 years ol
Are you also experiencing trouble using Instagram? If so, let us tell you that Meta's Instagram i
Curfew has been imposed in 11 police station areas of Nagpur after violence erupted due to agitat
When Rajpal Yadav was in jail in connection with a 9 crore rupee debt case, many celebrities help
