The International Monetary Fund (IMF) announced on Wednesday that it has reached a staff-level agreement with Pakistan. If approved by the IMF’s board, this agreement will result in the disbursement of $1.1 billion to Pakistan, which is facing significant economic challenges.
The funds represent the final installment of a $3 billion rescue package that Pakistan secured last summer, helping to prevent a sovereign debt default. Islamabad is also in the process of seeking another long-term bailout.
According to the IMF, the staff-level agreement has been reached on the second and final review of Pakistan’s stabilization program. However, the agreement is subject to approval by the IMF’s Executive Board, and it expires on April 11. While Pakistan has not yet been added to the IMF’s executive board’s calendar, officials anticipate that board approval will be obtained sometime in April.
Source: Reuters