Pakistan and IMF reach staff-level agreement on critical standby-bailout review

After global lender’s board approval, Pakistan will have access to about $700 million

IMF logo near a building.  - AFP/File
IMF logo near a building. – AFP/File

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..

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