
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.
Gadar 3: Director reconciles with 'Sakina', is Sunny Deol's Gadar 3 back on track?
After a long wait of 22 years, Sunny Deol made a comeback with Gadar 2 in 2023. His film proved t
The central government will hold an all-party meeting on Thursday on the terrorist attack in Paha
PM Modi said at Semicon India Conference 2023 – India's electronics production crossed $ 100 billion
Prime Minister Narendra Modi (PM Modi) on Friday addressed the Semicon India Conference 2023 in G
Amidst the continuous statements against Hindi by Chief Minister MK Stalin in Tamil Nadu, Union H
Before the general elections in Pakistan, the problems of opposition party founder Imran Khan are
MS Dhoni, you have to play IPL 2026, Mahi replied to the fan- take care of my knees...
Will Mahi play or not? There are still 7 months left for the next season of IPL, but one question
There has been a ruckus in Karnataka over the release of famous actor Kamal Haasan's upcoming fil
Prime Minister Narendra Modi addressed young voters on National Voters' Day on Thursday. During t
After spending five days in jail, a Gurugram court granted bail to YouTuber and Bigg Boss OTT 2 w
The scorching heat in North India has made life difficult for people. At the same time, the Meteo