After global lender’s board approval, Pakistan will have access to about $700 million
Pakistan reached a staff-level agreement with the International Monetary Fund (IMF) on the first review of its $3 billion bailout, in which the country will receive $700 million after approval from the lender’s executive board.
The IMF announced in a statement on Wednesday that if approved, Pakistan will get access to about $700 million, bringing the total disbursements under the program to about $1.9 billion.
The IMF said the agreement supports the Pakistani authorities’ commitment to pursue planned fiscal consolidation and accelerate cost-cutting reforms in the energy sector.
The short-term deal also envisages a full return to the market-determined exchange rate, and further state-owned enterprise and governance reforms to attract investment and support job creation while strengthening social assistance. Has been extended.
More to follow..