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.
Hindustan Aeronautics Limited (HAL) shares remain in focus after brokerage firm Anand Rathi retai
Former Pakistan cricket team cricketer Basit Ali has recently made a big statement about India's
The third day of the Colombo Test between India and Sri Lanka witnessed several important moments
The first flight from Israel carrying 212 Indian citizens landed at Delhi airport on Saturday mor
The Supreme Court has asked the Upper Yamuna River Board to call an emergency meeting with all st
Sunny Deol: 'Gadar 3'- Sunny Deol fed up with the rumors of Border 2, the actor had to say this
Sunny Deol's star is at its peak these days. His film Gadar 2, released last year, created a stir
IND vs USA Playing 11: Changes possible in Indian XI, Jaiswal may return, see probable playing 11
The Indian team will take on hosts USA in their third match on Wednesday. The 25th match of the T
Following the results of the Tamil Nadu Assembly elections, the Congress party has decided to par
Congress Party has released its manifesto for the Lok Sabha elections 2024. The party has named i
The Congress party has made a tremendous comeback in the Lok Sabha elections 2024. Emerging from
