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.
Salman Khan has never accepted his relationship with Yulia Vantur, but the two often make headlin
Nepal Plane Crash: A major plane crash occurred in Nepal's capital Kathmandu on Wednesday. A Shau
Incidents of cloudburst have been reported at different places in Uttarakhand. A woman died after
India-Canada Row: Tension continues in diplomatic relations between India and Canada. Meanwhile,
'Don't build a house on my shore after seeing my water receding, I am the ocean and will definite
Why is the new sub-variant of COVID-19 NB.1.8.1 in the news? WHO is also keeping an eye on it
The new sub-variant of COVID-19, NB.1.8.1, is in the news these days. It is believed that it can
Noel Tata: Who is Noel Tata? Who can take over the reins of the Tata Group after Ratan Tata?
The country's leading industrialist Ratan Tata passed away on Wednesday night. After Ratan Tata's
Jawan Promotion: Craze of Shah Rukh Khan's 'Jawan' seen in Metro, promotion of the film increased
As the release date of Shah Rukh Khan's film 'Jawan' is coming to the fore, the fans are getting
'Kaanta Laga Girl' Shefali Jariwala died at the age of 42, reportedly due to a heart attack. Howe
We have already told you that Bollywood star Arjun Kapoor is going to play the role of villain in
