Pakistan, IMF reach staff-level pact on crucial $3 billion bailout

ISLAMABAD:

The International Monetary Fund (IMF) has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on the brink of default.

The deal, subject thttps://tribune.com.pk/story/2423803/pakistan-sets-sights-on-stop-gap-imf-dealo approval by the IMF board in July, came hours before the current agreement with the IMF expires later on Friday. Although essentially a bridge loan, it offers much respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves.

The agreement will enable Pakistan to achieve economic stability, and put the country “on the path of sustainable economic growth, God willing,” said Prime Minister Shehbaz Sharif.