
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.
Ajith Kumar's much-awaited film 'Vidaamuyarchy' is now in the final stages of post-production. Me
Indian Space Research Organisation (ISRO) Chairman S Somnath has praised Prime Minister Narendra
A flood-like situation has arisen after a cloud burst in Singtam, Sikkim. State Chief Minister Pr
In the Pune Porsche case of Maharashtra, Pune Police has registered another case against the mino
Indian Prime Minister Narendra Modi arrived in Namibia's capital Windhoek this morning. He was gi
Ravichandran Ashwin has returned to the ODI team after almost one and a half years. Ashwin has be
Royal Challengers Bangalore (RCB) veteran batsman Virat Kohli can achieve a big feat during the m
Four villages were destroyed in a massive landslide in Wayanad, Kerala on Tuesday due to heavy ra
Tripura Chief Minister Manik Saha on Monday said Bangladesh owes Tripura Rs 200 crore in electric
After South, Rashmika Mandanna is now proving her acting prowess in Bollywood as well. Following