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.
Today's Weather Update. The severity of winter is going to increase in North India. At the same t
The shooting incident that occurred during the high-profile White House Correspondents' Dinner, h
Canadian Prime Minister Justin Trudeau has announced his resignation from his post. Not only in C
There is a possibility of 10 crore more people taking a bath in the Ganga on Mauni Amavasya today
Pakistan cricket team's wicketkeeper-batsman Azam Khan has been in the news mostly for his fitnes
The Super Four match between India and Pakistan will now be played on Reserve Day i.e. today. Due
Shardiya Navratri 2023 Day 2: Shardiya Navratri is celebrated every year from Pratipada Tithi of
While gold continues to dominate headlines with its record-breaking rally, another precious metal
Chhattisgarh's famous comedy YouTuber Devraj Patel has died in a road accident. According to info
The controversy over irregularities in NEET and NET exams is not stopping. Today, a 7-member comm
