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.
South actor Vijay Sethupathi is in the headlines these days. A user on the social media platform
Thalaivar 171 First Poster: Filmmaker Lokesh Kanagaraj, who has given blockbuster films like Mast
Air pollution is increasing in many states including Delhi NCR. From central to state governments
At this time, the name of YouTuber Samay Raina, who runs the YouTube show India's Got Latent, is
'Congress has the right to protest, but not to loot land and money'; BJP's big attack on Congress.
BJP MP Ravi Shankar Prasad addressed a press conference on Congress' announcement of protests out
Canadian Prime Minister Justin Trudeau has strongly condemned the attack on Israel by Hamas. Trud
A hearing was held in the court of ADJ I Anil Kumar Pancham on Tuesday on the demand for a survey
Neeraj Chopra Breaks Silence After Silver Medal: 'I'm Still Not at 100%'—Reveals Why He Missed Gold
India's Olympic champion Neeraj Chopra admitted that he is still not 100% fit after clinching the
The Supreme Court will hear many important cases on Tuesday including the bulldozer campaign, Sri
Ramlala's temple is not being called divine and grand just like that. The huge temple spread over
