![]() ![]() It comes after Pakistan experienced catastrophic floods last year, further compounding the economic misery of millions, pushing families into poverty and leaving many unable to afford essentials such as food, fuel and medicines.Įfforts to secure the loan were further complicated by political turmoil that engulfed much of the nation earlier this year, after former Prime Minister Imran Khan was arrested on corruption charges, sparking deadly protests. “The new Stand-by Arrangement (SBA) would provide a policy anchor and a framework for financial support from multilateral and bilateral partners in the period ahead,” the IMF said. ![]() The deal, which had been stalled for months, gives the country of 220 million much needed access to US dollar funding, enables additional financing from creditors and reduces the risk of default, after growth stalled and inflation soared over the past year. The staff-level agreement is subject to approval by the IMF’s executive board, which is expected to consider the request by mid-July, it said in a Thursday statement. Pakistan has reached a preliminary deal with the International Monetary Fund (IMF) worth about $3 billion that could help stabilize its flailing economy and lift the South Asian nation out of a crisis that has pushed millions to the brink. ![]()
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