
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.
India had to face a crushing defeat in the first Test against South Africa played in Centurion. T
In the student parliament that went on for seven hours in Gandhi Maidan, everyone was unanimous t
Former Maharashtra minister Baba Siddiqui was shot dead outside his son's office in Mumbai on Oct
The consecration of Ram Lalla in the grand temple in Ayodhya on January 22 is going to be a very
Canada has issued a new travel advisory for its citizens traveling to India. This advisory states
IITian Baba Abhay Singh, who garnered significant media attention during the Prayagraj Mahakumbh,
Artificial Intelligence is advancing at an unprecedented pace, and now one of the world’s l
Punjab Chief Minister Bhagwant Mann on Monday strongly condemned the vandalization of BR Ambedkar
After 27 years, the BJP government has been formed in Delhi. In the swearing-in ceremony held at
The excitement of the ICC Champions Trophy 2025 is being seen among cricket lovers. In the tourna