Pakistan reaches agreement with IMF, to get USD 6 bn over 3 yrs

Pakistan on Sunday reached an agreement with the IMF on a bailout package under which the cash-strapped country will receive USD 6 billion over three years, according to a top official.

The staff-level agreement now awaits a formal approval by the International Monetary Fund (IMF) board of directors in Washington, Dawn news quoted Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh as saying.

The agreement aims to support Pakistan's "strategy for stronger and more inclusive growth by reducing domestic and external imbalances, removing impediments to growth, increasing transparency and strengthening social spending", according to the IMF.

Pakistan would receive USD 6 billion worth of assistance under the IMF programme over a period of three years, Shaikh told the state-run PTV News.

"The Pakistani authorities and the IMF team have reached a staff-level agreement on economic policies that could be supported by a 39-month Extended Fund Arrangement ...