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.
'I am surprised it took so long', Mukesh Khanna apologizes after Sonakshi Sinha's retort.
TV's Shaktimaan i.e. Mukesh Khanna is again seen embroiled in controversies these days. After com
All preparations have been completed at the counting center located at the Market Commi
Former MP Sanjay Nirupam on Thursday took a dig at the Congress leadership over his expulsion fro
Ahead of the Dominica Test against the West Indies, Indian vice-captain Ajinkya Rahane said that
Health facilities in Uttar Pradesh will get wings. A provision of Rs 50550.42 crore has been made
Bollywood actors Aamir Khan and Junaid Khan are coming on the stage of the quiz reality show Kaun
Everything is not going well in the Congress party. This was indicated on Wednesday when Congress
The mercury is rising in the northwestern plains including Delhi, Uttar Pradesh, Haryan
17-year-old D Gukesh from Chennai had participated in the prestigious Candidates Tournament
US President and tariff king Donald Trump has made another big bang. After imposing reciprocal ta
