Pakistan, IMF reach $3bn staff-level agreement - SUCH TV
[ad_1]
The International Monetary Fund (IMF) and Pakistan have reached to nine-month Stand-By Arrangement (SBA) of around US$3 billion, according to press statement issued by the fund. “I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 percent of Pakistan’s IMF quota)”, said Nathan Porter, who was leading IMF staff team in meetings with Pakistan. The staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July, the statement added. Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar also shared the agreement on his twitter on Friday. The new SBA will support the authorities’ immediate efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilate