
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.
Recently, America has announced that impose a 50 percent tariff on India. Trump has claimed that
Chandrayaan-3 New Pic India's Chandrayaan 3 has successfully landed on the Moon. After Chandrayaa
Dengue cases are continuously increasing in Karnataka. The state government has now geared up to
The entire North India is currently gripped by a severe cold wave. Temperatures are continuously
Donald Trump assassination attempt There was an unsuccessful attempt to assassinate former US Pre
A strong cordon is being made for the security of the devotees in the outer cordon of the Mahakum
Mumbai Weather: Rain in Mumbai made the weather pleasant, people got relief from the humid heat
Rainfall in most parts of Mumbai made the weather pleasant. An official said that the rain starte
CAA Rule: Muslim Rashtriya Manch welcomed CAA, and said- necessary for the progress of the country
Muslim Rashtriya Manch has welcomed the implementation of the Citizenship Amendment Act (CAA) in
The air quality in the national capital Delhi is continuously declining. There is fog all around
Uttar Pradesh is almost certain to get another week for the Special Intensive Revision (SIR) of t