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.
New information is continuously coming to light in the case of firing outside Salman Khan's house
RCB won the WPL trophy by defeating Delhi Capitals on Sunday night at the Arun Jaitley Stadium in
Boeing's 787 Dreamliner was on the flight from Ahmedabad to London. The plane crashed shortly aft
The tenure of Team India head coach Rahul Dravid ended after the ODI World Cup 2023. After Ravi S
A political controversy has intensified regarding Jhargram in West Bengal. The TMC has alleged th
BJP MP Ravi Shankar Prasad addressed a press conference on Congress' announcement of protests out
The Australian team has suffered a major setback ahead of the second Test to be played in Adelaid
In IPL 2025, Delhi Capitals continued their winning campaign and defeated Royal Challengers Banga
SSC CGL Result 2023: SSC CGL Tier 1 result released, know category-wise cut-off for all posts
SSC CGL Tier 1 Result 2023: The Staff Selection Commission has declared the result of Combined Gr
Due to the scorching heat wave in Delhi as well as hot nights, common people are facing problems.
