Islamabad: The International Monetary Fund (IMF) has reached a staff-level agreement with the IMF on a $3 billion stand-by agreement, the lender said on Thursday, a decision long-awaited by the South Asian nation, which is on the verge of default.
The deal, which is subject to approval by the IMF board, comes after eight months of delay and provides some relief to Pakistan, which is grappling with a severe balance of payments crisis and depleting foreign exchange reserves.
“The new standby agreement builds on the authorities’ efforts under Pakistan’s 2019 Extended Fund Facility-supported program which expires at the end of June,” the IMF official said. Nathan Porter,
The deal, which is subject to approval by the IMF board, comes after eight months of delay and provides some relief to Pakistan, which is grappling with a severe balance of payments crisis and depleting foreign exchange reserves.
“The new standby agreement builds on the authorities’ efforts under Pakistan’s 2019 Extended Fund Facility-supported program which expires at the end of June,” the IMF official said. Nathan Porter,