IMF reaches $3 billion preliminary agreement with Pakistan | CNN Business

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. 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.

Efforts 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. Khan was dramatically ousted from power in a no-confidence vote last year, after numerous accusations of bad governance, including economic mismanagement. The crushing poverty has driven many to flee the nation.

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Exclusive: Pakistan expects IMF deal in next 24 hours - finance ministerPakistan's finance minister said a staff level agreement for a crucial bailout deal with the International Monetary Fund was 'very close' and expected in the next 24 hours.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »

Exclusive: Pakistan expects IMF deal in next 24 hours, finance minister saysPakistan's finance minister said a staff level agreement for a crucial bailout deal with the International Monetary Fund was 'very close' and expected in the next 24 hours.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »