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Pakistan, IMF reach US$ 3 Bn staff-level agreement

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PAKISTAN: The International Monetary Fund (IMF) has reached a staff-level pact with Pakistan on a US$ 3 billion stand-by arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on the brink of default.

The deal, subject to approval by the IMF board in July, comes after an eight-month delay and offers

some respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves.

The US$3 billion funding, spread over nine months, is higher than expected for Pakistan. The country was awaiting the release of the remaining US$2.5 billion from a US$6.5 billion bailout package agreed in 2019, which expired on Friday. – CNN


Saturday, July 1, 2023 – 01:01

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