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.
After a 26-month-long hearing in the Vanantara Resort case, on Friday, the court of Additional Di
Ranveer Allahbadia has been facing a lot of difficulties since the objectionable controversy in '
Former international umpire Anil Chaudhary has claimed that the recent controversy surrounding th
Today is the birthday of Bollywood actress Madhuri Dixit. On this special occasion, her husband S
Paris Olympics 2024 has been in the news for many reasons. From the controversy over 'The Last Su
Indian T20 captain Suryakumar Yadav has provided information on Shreyas Iyer's health. Ahead of t
Koi Mil Gaya: 'Jadu' coming on screen again, 'Koi Mil Gaya' to be re-released after 20 years
Remember Hrithik Roshan's film 'Koi Mil Gaya'? This film, which came in the year 2003, had a lot
Kartik Aaryan starrer's most awaited film 'Bhool Bhulaiyaa 3' is the third installment of this ho
New information is continuously coming to light in the case of firing outside Salman Khan's house
There was a lot of chaos due to the decision to time out in the match between Bangladesh and Sri
