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.
As told in the review of the first episode of Netflix's new show 'The Great I
TV's most popular reality show, "Bigg Boss 19," is becoming more interesting with each episode. W
In every season of the reality show 'Bigg Boss', the contestants do something or the other, which
The date of 22 January 2024 is going to be recorded in the pages of history in Ayodhya. The grand
Tamil Nadu Chief Minister MK Stalin has made an absurd demand to remove official language Hindi f
Preparations are being made to perform the formal puja before the consecration of the idol of Ram
On the occasion of Eid Milad-un-Nabi, a tense situation was seen in Mangaluru, Karnataka. Vishwa
Recently, a morphed video of South actress Rashmika Mandanna went viral on social media. On Sunda
The beginning of the year may have been slow for Hindi films, but now the box office is slowly ge
After the Indo-Pak ceasefire, External Affairs Minister S Jaishankar held talks with Afghanistan'
