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.
Although the booking of Allu Arjun, Rashmika Mandanna, Fahadh Faasil, and Sri Leela's mega-budget
Manipur Violence: Two buses used by security forces were set on fire by the mob, no casualties
Violence in Manipur is not taking the name of stopping. As soon as the government and the common
Faults have been found in the electricity meter installed by SP MP Ziaur Rahman Bark and former M
Just three days before Operation Sindoor, the airstrip on the Ganga Expressway from where the fig
The journey of Harmanpreet Kaur, captain of the world-defeating Indian women's cricket team, bega
There is a chance of uproar on the fourth day of Parliament's monsoon session. Before the session
India has to participate in the ODI World Cup in its hosting in October-November this year. Team
Former England captain Geoffrey Boycott has called for a public apology from the Australian team
Anant Ambani, the younger son of the country's richest businessman Mukesh Ambani, is soon going t
Kolkata Knight Riders will clash with Delhi Capitals in the 47th match of IPL 2024. In the f
