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.
Delhi Chief Minister Atishi and Aam Aadmi Party Convenor Arvind Kejriwal attacked the BJP in a pr
SIP vs PPF: Which Investment Will Create a Bigger Education Fund for Your Child in 18 Years?
Planning for your child’s higher education has become more important than ever in today&rsq
India's energy security has come under fresh scrutiny after a new report revealed that the countr
Weather patterns are set to change once again across several parts of the country. There is a ren
Cabinet expansion of Nayab Singh Saini government of Haryana will take place today at 4:30 pm. Ac
Whether it's Tests or ODIs, Australia has consistently dominated India, but in the shortest forma
Pope Francis, the first Latin American of the Roman Catholic Church, died on Monday morning i.e.
India has made it to the finals of the World Cup. They defeated New Zealand by 70 runs in a thril
The US has officially started imposing tariffs on dozens of countries, including India. At the sa
Tanvi The Great: Will the Delhi government show the film 'Tanvi The Great' to children? CM said this
Actor and director Anupam Kher's film 'Tanvi the Great' is in the headlines these days. Recently,
