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IMF, Pakistan reach staff-level deal on $1.2 billion payout
The International Monetary Fund has finalized a staff-level agreement with Pakistan, paving the way for a $1.2 billion loan to support the countrys economic recovery.
- The International Monetary Fund announced a staff-level agreement with Pakistan on October 24, 2023, enabling access to $1.2 billion pending board approval.
- Under the agreement, Pakistan will receive $1 billion through the IMFs Extended Fund Facility to bolster its economic stability.
- The deal follows intense negotiations aimed at addressing Pakistans financial challenges and securing essential funding for its economy.
- IMF Managing Director, Kristalina Georgieva, emphasized the importance of the agreement for Pakistans recovery and future economic prospects.
Why It Matters
This agreement is crucial for Pakistan as it addresses ongoing economic instability and inflation challenges. The funds will assist in stabilizing the economy and restoring investor confidence. Observers will be keen to see how the Pakistani government implements necessary reforms to meet IMF conditions and ensure future funding.