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.
Lok Sabha elections have started. All the political parties have entered the political arena to t
The countdown for IPL 2024 has started. The 17th season of the Indian Premier League is to start
A case has been registered against Delhi Chief Minister Atishi for violating the code of conduct.
Anything can happen in Delhi politics. For the first time in 27 years, Yamunapar's share in the D
Sonu Sood: Sonu Sood exposed Bollywood, and said- good acting is done at parties here
These days actor Sonu Sood is promoting his film 'Fateh'. In a recent interview with Mashbell Ind
The makers of Bhool Bhulaiyaa 3 released the teaser of the film on Friday, September 27. The teas
Children's Day 2023: Every year in our country, 14 November is celebrated as Children's Day. On t
External Affairs Minister S Jaishankar will go on a six-day visit to the Netherlands, Denmark, an
Popular TV and Marathi industry actress Priya Marathe passed away after battling cancer. Priya, w
South star Pawan Kalyan's long-delayed film 'Hari Hara Veer Mallu' has finally been released toda
