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.
The third match of the five-match Test series between India and England is going on at the Niranj
The political temperature has increased after the violence that took place on November 24 during
Pollution is increasing in the capital due to local factors. Due to low wind speed, the air quali
For the record, the Aam Aadmi Party (AAP) has removed MP Raghav Chadha from the post of Deputy Le
Bollywood actor Salman Khan has once again received a death threat. A threatening message has bee
The monsoon that reached Delhi after soaking many states has made a strong impact. The first and
The ongoing controversy surrounding the T20 World Cup has grabbed the attention of the entire wor
A Public Interest Litigation (PIL) has been filed in the Delhi High Court against the Indian Nati
India is ready to chair the G20 summit. Prominent politicians from all over the world are going t
Braj's Holi: Long queues of vehicles from Barsana to Nandgaon... roads jammed; broken traffic system
Lakhs of devotees are reaching Mathura due to Rangotsav in Barsana-Nandgaon. Due to this, the tra
