Pakistan secures $700 million lifeline from IMF to tackle economic crisis
Pakistan IMF agreement secures $700 million for cash-strapped country. Pakistan Cricket Board appoints Shan Masood and Shaheen Afridi as new Test and T20I captains. PCB changes coaching staff, appointing Mohammad Hafeez as Team Director.
Pakistan reaches agreement with IMF for release of $700 million second tranche of bailout package Pakistan has reached a staff-level agreement with the International Monetary Fund (IMF) for the release of a $700 million second tranche of a $3 billion bailout package, providing relief to the cash-strapped country. The IMF approved the $3 billion loan in July and has already released the first tranche of $1.2 billion. The agreement is subject to approval from the IMF's Executive Board. The loan will help ease Pakistan's acute balance of payments crisis and falling foreign exchange reserves.
The country's economy has been in decline, causing significant hardships for its citizens. Shan Masood and Shaheen Afridi appointed new captains of Pakistan's Test and T20I formats The Pakistan Cricket Board (PCB) has appointed Shan Masood and Shaheen Afridi as the new captains of the country's Test and T20I formats, respectively. This decision comes after Pakistan's all-format captain, Babar Azam, stepped down following the team's disappointing performance in the ongoing World Cup.
The PCB's interim management committee chairman, Zaka Ashraf, held consultations with former cricketers Younis Khan, Sohail Tanvir, Mohammad Hafeez, and Wahab Riaz after Pakistan's elimination from the World Cup. Azam will continue as the Test captain, but he has decided to step down from all three formats after consulting with his family. The ODI format captain will be announced later. PCB changes coaching staff, Mohammad Hafeez appointed as Team Director.
The PCB has made changes to its coaching staff, including replacing Team Director Mickey Arthur with former Pakistan cricketer Mohammad Hafeez. Hafeez has been given the responsibility of Director - Pakistan Men's Cricket Team. The entire coaching staff, including Hafeez, will continue to work in the National Cricket Academy. The PCB will announce the new coaching staff in due course for the upcoming series in Australia and New Zealand. The changes come as Pakistan prepares for a three-match Test series in Australia in December/January 2024.
