FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. Pakistan and the International Monetary Fund reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following dayslong talks in Islamabad, the IMF said Wednesday, March 20, 2024. ISLAMABAD — Pakistan and the International Monetary Fund reached a preliminary agreement for the release of $1.
An IMF statement said it “has reached a staff-level agreement with the Pakistani authorities” and noted that approval by the IMF’s executive board “is considered a formality.” Pakistan signed the latest short-term agreement last year to overcome one of the worst economic crises in its history that had raised fears the South Asian Islamic nation could default on the payment of foreign debts. The $3 billion bailout was signed by Sharif, who replaced former Premier Imran Khan after aIMF to hold crucial talks with Pakistan over release of final $1.
In its statement on Wednesday, the IMF said “Pakistan’s economic and financial position has improved” in recent months. However, it noted the “growth is expected to be modest this year and inflation remains well above target, and ongoing policy and reform efforts are required to address Pakistan’s deep-seated economic vulnerabilities amidst the ongoing challenges posed by elevated external and domestic financing needs and an unsettled external environment.
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