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.
Israel-Hamas War. Gaza has become a battlefield amid the Israel-Hamas war. For the last few days,
Today, a full month has passed since the case of rape and murder of a female trainee doctor in We
International Friendship Day 2023: Why and how International Friendship Day started? know history
International Friendship Day 2023: Your relationship with parents and family gets linked with bir
Anushka Sharma Pregnancy: Bollywood actress Anushka Sharma has been in the news for some time abo
The Air India Group announced on Tuesday that it will operate a total of 24 scheduled and non-sch
On Monday morning, more than 30 schools in Gujarat received threats via email, threatening to bom
A thick layer of smog blankets the national capital, Delhi. According to the Central Pollution Co
In the second Test match played in the Christchurch Test, the Australian team defeated New Zealan
Cases of coronavirus infection are being seen increasing rapidly globally, especially due to the
As evening approaches, high voltage drama has started in Delhi. The Enforcement Directorate team
