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.
Former Indian cricket team captain MS Dhoni has created a stir on the internet with a cryptic mes
Aishwarya Rai Bachchan is a famous actress. She is also very famous because of her fa
The repo rate will remain at 6.5 percent, RBI Governor Shaktikanta Das announced after the MPC me
Speculations about the resignation of Manipur Chief Minister N Biren Singh continued throughout t
Amid the controversy over Ranveer Allahabadia's obscene comments on the show 'India's Got Luttent
From July 1, i.e. today, a major change in the legal system in the country has come into effect.
Bollywood actors Aamir Khan and Junaid Khan are coming on the stage of the quiz reality show Kaun
In the 2026 IPL, 15-year-old Vaibhav Suryavanshi has made such a dazzling impression that, in jes
The statement of former WFI chief Brij Bhushan Sharan Singh has come to the fore in the matter of
Hrithik Roshan's fans are eagerly waiting for the fourth film of the Krrish franchise,
