International Monetary Fund (IMF) announced that it has reached a staff-level agreement with Pakistan on stand-by arrangement. The deal is seen as crucial for Pakistan economy of the Asian nation, which has been facing worst financial crisis.
The funds are crucial for Pakistan’s acute balance of payments crisis and foreign exchange reserves as the country of over 240 million is going through financial crisis and political instability.
A press release shared by global lender said “IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of their stabilisation programme supported by the IMF’s US$3 billion (SDR2,250 million) SBA.
In next step, IMF’s Executive Board will finalise agreement and the country will receive $700 million, which will become available bringing total disbursements under the programme to almost US$1.9 billion.
Earlier in November, a team led by Nathan Porter visited Islamabad from November 2-15, 2023, to hold discussions on the first review of Pakistan’s economic programme supported by SBA.
This is a developing story, and will be updated later…
