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.
Malayalam superstar Mohanlal's film 'Thudaram' has become a blockbuster film. It has performed br
Amid BJP MP Nishikant Dubey's controversial remarks on the Supreme Court, Vice President Jagdeep
Home Minister Amit Shah on Sunday said that the Modi government is leaving no stone unturned to p
Doctors across the country are protesting at various places against the rape and murder of a fema
Another video has surfaced of terrorist Umar Nabi, the main accused in the 2025 Delhi Blasts. Bef
Fighter Teaser Released: Hrithik Roshan's Fighter is moving towards its release. The makers have
On 11 July 2006, seven blasts in Mumbai's local trains shook the entire country. After nearly 19
There was celebration in some places and sadness in others when the Waqf Amendment Bill was passe
Gold prices witnessed a sharp rebound in the national capital on Thursday, with the price of 99.9
Prime Minister Narendra Modi will be on a two-day visit (29 and 30 May) to Bengal, Sikkim, Bihar,
