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.
Indian Railways has implemented new rules to make online ticket booking more transparent. From Ja
The England team faces much criticism after the crushing defeat to India at Edgbaston. After the
Actress Tamannaah Bhatia is famous for her sizzling style statement. Her fashion is always the ta
With the cost of higher education continuing to increase in India and abroad, education loans hav
An anti-encroachment drive near the Faiz-e-Ilahi mosque in Delhi's Turkman Gate area turned viole
Choreographer and Chahal's ex-wife Dhanashree is seen in the reality show 'Rise and Fall' these d
Gold Silver Price Today: Decline seen in bullion market; Silver falls to ₹1540, Gold cheaper by ₹560
Gold and silver prices opened lower on Wednesday following the ongoing conflict in West Asia and
Every cricketer has his bad times, which all players accept. But what can we say about
Chandrayaan-3: Chandrayaan reached its last stage, only this much distance is left
Chandrayaan-3 is continuously moving forward to write India's history on the Moon. The vehicle se
Coldplay Concert: Craze of Coldplay concerts, hotel prices touched the sky
All the world's popular bands in India are eagerly waiting for Coldplay's show. However, the fans
