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.
Prime Minister Narendra Modi is on a Himachal tour today. Meanwhile, he addressed the people from
US President Donald Trump has recently announced that impose a 25 percent reciprocal tariff on In
Congress general secretary Jairam Ramesh took a dig at Prime Minister Narendra Modi's statement t
Bollywood couple Akshay Kumar and Twinkle Khanna reached Lord's to watch the fifth day of the thi
Amidst the ongoing tensions in West Asia, the Government of India has assured the public and the
These days the road accident in Pune is being discussed in the country. A speeding luxu
The CBI has started an investigation into the rape and murder of a woman at RG Kar Medical Colleg
The troubles of Bigg Boss OTT 2 winner and 26-year-old YouTuber Siddharth Yadav alias Elvish Yada
There has been a new twist in the murder of Congress worker Himani Narwal. The statement of Direc
After the attack on Venezuela, Iran is now on Trump's radar. Trump has threatened to impose a 25
