
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.
Russian President Vladimir Putin arrived in Delhi on Thursday evening and headed straight to Prim
Prime Minister Narendra Modi has flagged off Vande Bharat from Katra railway station to Srinagar.
Anurag Kashyap commented on Arijit Singh's retirement, saying, 'Always a heartbreak song.'
On January 27th, singer Arijit Singh announced his retirement from playback singing via a social
CUET PG Result Answer Key 2023: National Testing Agency (NTA) has not released the result of the
All the constituent parties of the National Democratic Alliance (NDA) have assured the BJP that t
Following their defeat against India, Pakistan faces the threat of elimination from the T20 World
Severe heat and heat waves have been wreaking havoc across the country for the past several days.
Happy to be bought by his old franchise Kolkata Knight Riders (KKR) for Rs 23.75 crore in the IPL
Next hearing in the Allu Arjun case on January 3, Pawan Kalyan said the police action was correct
Important comments of Andhra Pradesh Deputy Chief Minister Pawan Kalyan have come to the fore in
Big news has come out about Bollywood actor Saif Ali Khan. When he was sleeping peacefully at hom