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.
The Indian team will be selected for the World Cup on Tuesday (September 5). It is believed that
The mystery of the rape and murder of a trainee doctor at RG Kar Medical College in Kolkata, the
In the last Super Four match of Asia Cup 2023 against Bangladesh, the Indian team had to face def
Bollywood superstar Ranbir Kapoor is constantly in the news for the film Animal. The film made hu
PM Modi to Meet Asian Games Medalists Today: India’s 85-Medal Performance Explained
Prime Minister Narendra Modi will interact with the Indian contingent that participated in the Ai
Shikhar Dhawan has strongly responded to the alleged false statements being spread on social medi
In the case of Meerut's Saurabh murder case, the team of the Drugs Department also came into acti
Uttar Pradesh Police has banned the entry of heavy vehicles coming from Bihar from Monday evening
Ashwin Kumar's animated film is doing wonders at the box office. The way the film has emerged as
Indian team's star batsman Virat Kohli and his wife Anushka Sharma have recently become parents f
