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.
A political conflict has intensified between Congress leader Priyanka Gandhi Vadra and the BJP ov
Many stars who have shown their performance in the film world have also served in other fields be
Serbia's legendary tennis player Novak Djokovic has made his place in the final of the Wimbledon
Ekagraha Rohan Murthy, grandson of Infosys founder NR Narayana Murthy, has probably become the co
Changes have been made in the passport rules for minorities coming to India from Pakistan, Afghan
Indian team star batsman Suryakumar Yadav created history by winning the T20 World Cup. He has be
Covid JN.1 cases in India. The new variant of Covid JN.1 has knocked. In the last few days, the n
America has issued a direct warning to its enemies amid the Israel-Hamas conflict. US Secretary o
The Kanchenjunga Express, which had crashed near Jalpaiguri railway station in West Bengal on Mon
After registering four consecutive wins in the group stage of the T20 World Cup 2026, Team India'
