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.
Chennai Super Kings (CSK) gave a strong performance at their home ground MA Chidambaram
India and Pakistan will face each other in the Asia Cup final for the first time. The two teams h
The government said in Parliament on Thursday that cases of atrocities against various minority c
The recent order of the Supreme Court to remove stray dogs from the streets of Delhi-NCR and send
The central government has increased the security of External Affairs Minister S Jaishankar. ANI
Bigg Boss OTT 3 is just a few days away from its finale. This season of Anil Kapoor lasted only a
Ranveer Singh's much-awaited film 'Dhurandhar' released today. The film is receiving mixed reacti
Neeraj Chopra's magic was also seen in the Asian Games 2023. Neeraj has added another gold medal
USA Independence Day 2023: America's Independence Day is celebrated every year on 4th July. This
Ukrainian President Volodymyr Zelensky's visit to the US was quite controversial. The verbal war
