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.
India's PM Narendra Modi, who is engaged in a new effort to improve his relations with Southeast
In a press conference held earlier in the era of Amazon Prime Video, when Hindi cinema's Khiladi
IPL 2024: Fans booed Hardik in Wankhede, Rohit stopped him and was seen pacifying the audience.
The 17th season of IPL has been full of bad memories for Hardik Pandya so far. On one hand, the t
Former Pakistani cricketer Abdul Razzaq has apologized after insulting actress Aishwarya Rai. Raz
Amidst the ongoing controversy over Aurangzeb and the violence in Nagpur over his tomb, the RSS h
Saint Premanand Maharaj will no longer give darshan to the devotees while doing padayatra at nigh
Yuvraj Singh Motivates Indian Team: The Indian team had to face defeat by 6 wickets at the hands
Ranveer Allahabadia's objectionable statement about his parents in 'India's Got Latent' has put h
Four years later, Corona remains a major risk to global health. An increase in its cases has been
Relations between India and America are continuously becoming stronger. The leaders of both count
