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.
A video is becoming increasingly viral on social media, in which Salman Khan is seen. Bhaijaan su
Foxconn: Congress taunts BJP on Foxconn's decision, said- should not trust the headlines created
The Congress targeted the BJP after Foxconn decided to exit. Congress said that whether it is the
The Delhi High Court on Tuesday granted significant relief to Delhi University (DU) in the ongoin
Icy winds blowing from the high peaks of the Himalayas have gripped the entire North India in a s
Today's morning was special. Leaving behind old memories, we stepped into the new year. While 202
In the mega auction of IPL 2025, bids were first placed on 12 marquee players. It included seven
Kharge compared Priyanka Gandhi to Rani Lakshmibai, saying- she is fighting against BJP and RSS.
Congress party president Mallikarjun Kharge on Tuesday compared Lok Sabha MP Priyanka Gandhi to h
The live telecast of the consecration of Ram temple in Ayodhya on January 22 will be not only in
Jawaharlal Nehru Nehru Birth Anniversary: The birth anniversary of the country's first Prime Mini
A copy of the FIR has surfaced in the Sambhal violence. The FIR has revealed a sensational truth
