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.
Tahawwur Rana, accused of the 2008 Mumbai terror attacks, has been extradited from the US to Indi
Sanjay Roy, the beast who raped and murdered a female doctor at RG Kar Medical College, will rema
Haseen Jahan has been in the headlines ever since she separated from Indian cricketer Mohammed Sh
Rumored girlfriend Sara Tendulkar was seen with Shubman Gill, the user said- 'Rumors are true'
Indian cricketer Shubman Gill makes a lot of headlines in his game as well as his game. Many time
There is an atmosphere of panic in Pakistan after India attacked Pakistan. Now, several explosion
The past day was no less than a nightmare for comedian Kapil Sharma. A man suddenly opened fire o
Central government in action to curb 'abuse' of Grok AI; contacted Elon Musk's X.
AI chatbot Grok appeared on the social media platform X of the world's richest man Elon Musk. But
Amid the ongoing war in West Asia, the United States successfully tested its "Doomsday" ballistic
The winter session of Parliament has begun with a stormy start. The opposition created a ruckus o
Abhishek Sharma, a rising star in the Indian T20 team, no longer wants to limit himself to the sh
