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.
Shahid Kapoor played cricket at Lord's Cricket Ground in London. During this, his wife Mira Kapoo
Air pollution is increasing in many states including Delhi NCR. From central to state governments
Jaishankar in Qatar External Affairs Minister S Jaishankar met the families of 8 Indians who were
Jitendra Satish Awhad has been appointed chief whip of the Nationalist Congress Party (NCP) after
Shahid Kapoor and Tripti Dimri's film "O Romeo" has been trending on social media since its relea
IND vs ENG: Shubman Gill took an incredible catch by running backward, fans remembered Kapil Dev
The last match of the five-match Test series between India and England (IND vs ENG 5th Test) is b
To curb the unlimited powers given to the Waqf Board and for better management and transparency,
After Bollywood actress Urvashi Rautela, former MP Mimi Chakraborty, former cricketer Suresh Rain
Fifteen lives have been lost so far due to the contaminated water supply in Bhagirathpura. On Fri
Prime Minister Narendra Modi on Tuesday said he was proud of the way multi-party parliamentary de
