IMF and Pakistan Solidify Crucial Loan Agreement
The International Monetary Fund and Pakistan have reached a staff-level agreement enabling Pakistan's access to $1.2 billion, pending a board review. This comprises $1 billion from the Extended Fund Facility and $200 million from the Resilience and Sustainability Facility. Previously, an IMF mission left without signing agreements.
The International Monetary Fund (IMF) confirmed on Tuesday that it has reached a decisive staff-level agreement with Pakistan, unlocking access to $1.2 billion pending a board review. This financial pathway results from a deal on Pakistan's loan programme.
The agreement consists of $1 billion from the Extended Fund Facility and $200 million from the Resilience and Sustainability Facility. Pakistan's finance minister, Muhammad Aurangzeb, emphasized this preliminary deal as a vital step toward securing further financial support from the IMF.
Previously, an IMF team had departed from Pakistan without inking agreements on its two flagship programmes valued at $8.4 billion in total. This latest development is crucial for advancing the financial ties between the IMF and Pakistan.
(With inputs from agencies.)
ALSO READ
Hudco Eyes Multilateral Funding Boost for Infrastructure
Court Blocks Trump Administration's Funding Cuts to UC
Judge blocks Trump from immediately cutting funding to University of California over discrimination claims, reports AP.
Nia.one Secures Funding to Revolutionize Worker Hubs
Sarkozy Fights Back: High-Stakes Appeal in Libyan Funding Case

