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.
Israel-Hamas War The war between Israel and Hamas is now becoming fierce. After the attack by Ham
IND vs SA: 'One of the 10 best innings in Indian Test history', Gavaskar praised KL Rahul's century
Lokesh Rahul's brilliant century in the first Test match against South Africa was praised by the
The miscreants had already made a plan to pelt stones to spread violence during the religious vis
The Reserve Bank has reduced the GDP estimate for the financial year 2024-25 and this is a surpri
David Warner Big Record: The second Test match of the three-match Test series between Pakistan an
Indian cricket team head coach and former BJP MP Gautam Gambhir have received a death threat from
Twinkle Khanna is currently in the news for her talk show. Her camaraderie with Kajol is entertai
The US-Israeli war with Iran has dealt a severe blow to global energy supplies. The closure of th
Chandrayaan-3: Spacecraft attached to rocket for launch, to be launched between July 13 and 19
The Indian Space Research Organization (ISRO) on Wednesday attached the encapsulated assembly con
Air Pollution: Delhi has become a gas chamber for the last few days. The continuously declining a
