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.
Koi Mil Gaya: 'Jadu' coming on screen again, 'Koi Mil Gaya' to be re-released after 20 years
Remember Hrithik Roshan's film 'Koi Mil Gaya'? This film, which came in the year 2003, had a lot
After the decision given by the Supreme Court regarding stray dogs in Delhi-NCR, it is being disc
The Malaysian Prime Minister indicated that his government can consider India's request for the e
Union Minister for Minority Affairs Kiren Rijiju said that the purpose of passing the Waqf Amendm
This actor is perfect for Yuvraj Singh's biopic, the cricketer praised him
Yuvraj Singh Biopic: The life of cricketers has been very inspiring. Everyone knows how he is on
Prime Minister Narendra Modi said that economic development of the country is possible only with
In Dehradun, the capital of Uttarakhand, following the death of Angel Chakma, a student from Trip
The district administration has prepared the blueprint of Prime Minister Narendra Modi's route in
Operation Gadul of security forces against terrorists in Anantnag of South Kashmir continues for
Nationalist Congress Party (NCP) leader Baba Siddiqui was shot dead in Mumbai on Saturday night.
