ISLAMABAD March 21. 2024 (Saba) - The International Monetary Fund agreed to release $1.1 billion from a $3 billion rescue package after days of talks in Islamabad after staff-level agreement.
Under the agreement, Pakistan will receive the last installment of the rescue package approved by the Fund last July to spare the country from defaulting on its debts.
The Fund added that “an agreement was reached at the staff level with the Pakistani authorities,” noting that the approval of the Executive Board of the International Monetary Fund “is considered a formality.”
The announcement came after the conclusion of talks between the Fund and the new government headed by Prime Minister Shehbaz Sharif in Islamabad.
Pakistan signed the latest short-term agreement last year to overcome one of the worst economic crises in its history, which raised fears that the country might default on its foreign debts. The agreement includes a rescue plan worth three billion dollars.
H.H
resource : Saba
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