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.
Four people died of burns while extinguishing the fire in the forest of Gairad. Forest department
'What is the solution? We will continuously monitor: SC takes a tough stand on Delhi air pollution.
The suffocating air in Delhi-NCR is making life difficult for people. Regarding the air pollution
Why is Pakistan so saddened by Saudi Crown Prince Mohammed bin Salman's visit to India?
Even after the end of the G20 summit in the Indian capital New Delhi, Saudi Arabia's Crown Prince
US Alaska: 7.4 magnitude earthquake in Alaska, tsunami warning in coastal areas
Earthquake tremors have been felt in Alaska, USA. The intensity of the earthquake has been measur
The ritual of the consecration of Ramlala at Shri Ram Janmabhoomi temple will start on Tuesday an
HBSE 12th Result 2025: Jind students top the pass percentage, Nuh at the bottom
Haryana Board of School Education has released the result of class 12th. District Jind topped the
Bollywood actress Urvashi Rautela is known more for her glamour and beauty than her acting. Today
Lord Jagannath's Rath Yatra is starting today in Puri, Odisha. This grand journey starts from the
Aamir Khan's reaction came on official entry in Oscars 2025 of Laapataa Ladies, X Wife revealed
It is a time of happiness for Aamir Khan and Kiran Rao, as his film Missing Ladies (Laapataa Ladi
Union External Affairs Minister S Jaishankar arrived in New York on Tuesday, days after India suc
