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.
These days, movie buffs are gripped by 'Dhurandhar' fever. The film, starring stars like Ranveer
Sam Pitroda Controversy many leaders in Congress start scoring self-goals for the party
Bollywood actor Kartik Aaryan is constantly in the headlines these days for his upcoming film Bho
US-based terrorist Harpreet Singh alias Happy Pasia has been arrested. The FBI and the US Immigra
Former Pakistan spinner Saeed Ajmal has shared a shocking anecdote that exposes the management an
Air Pollution: Delhi has become a gas chamber for the last few days. The continuously declining a
High alert issued in states bordering Nepal, soldiers searching people at the border
The situation in Nepal is going from bad to worse. Meanwhile, the Nepal Army has imposed curfew,
The prime accused in the recent grenade attack on a temple in Amritsar was killed in a police enc
Tanya Mittal is the most talked-about contestant of Bigg Boss season 19. From the very first day,
Leader Shama Mohammed, who called Indian cricket team captain Rohit Sharma fat, has now made a st
