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.
New Covid Variant: WHO begins investigation on new Eris variant, a case has come to India
The World Health Organization (WHO) has started an investigation on Eris emanating from the Omicr
Prime Minister Narendra Modi has arrived in New Delhi for the RSS centenary celebrations. He also
Sri Lankan great spinner Muttiah Muralitharan says current Indian coach Rahul Dravid is included
CNG Auto Ban: Will CNG autos not run on Delhi roads? What is the plan in the draft of EV Policy 2.0
CNG-powered auto rickshaws may soon disappear from Delhi roads. The draft of the Delhi government
The US has welcomed India's recent move to reduce tariffs on several American agricultural produc
Sambhal Violence: Will Rahul and Priyanka be able to reach Sambhal? Police deployed on the UP border
Leader of Opposition in Lok Sabha Rahul Gandhi will visit Sambhal along with Congress MPs from Ut
There is fierce protest against the Citizenship (Amendment) Act, 2019 (CAA) in Assam. The central
The air quality in the national capital Delhi is continuously declining. There is fog all around
The Union Home Ministry on Tuesday introduced the Immigration and Foreigners Bill in the Lok Sabh
Recently YouTuber Kusha Kapila and her husband Zorawar Ahluwalia announced their divorce. Ever si
