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 visit to Gujarat. On the occasion of World Wildlife Day on M
Vijay: Vijay urges Tamil Nadu government not to implement CAA, calls the law 'unacceptable'
The central government led by Prime Minister Narendra Modi on Monday announced the implementation
AC Cooling Hack Goes Viral: Should You Pour Water on the Outdoor Unit? Experts Reveal the Truth
As temperatures continue to soar across the country, air conditioners have become an essential pa
What is the full form of G Ram G, which will replace MNREGA? The complete A to Z of the new bill.
During the ongoing winter session of Parliament, the central government is preparing to introduce
Indian cricket team's opening batsman Shikhar Dhawan is out of the team these days. Even away fro
It has been 11 days since the release of the Malayalam film 'Lokah Chapter 1' today on the second
Women of Delhi will not have to do much for Rs 2500 every month. Delhi's nominated Chief Minister
Former Indian batsman Sachin Tendulkar may reach to watch the T20 World Cup match between India a
SIT will now investigate the case of the death of 16 children by drinking cough syrup 'cold' in M
On Tuesday, the water level of the Yamuna River on Delhi's old railway bridge has once again rise
