Pakistan 'very close' to signing IMF staff level agreement -finance minister

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ISLAMABAD :Pakistan Finance Minister Ishaq Dar said on Thursday his country was 'very close' to signing a staff level agreement with the International Monetary Fund.'We seem to be very close to signing the staff level agreement, hopefully, God willing, in the next few days,' Dar said at a seminar in Islamabad

ISLAMABAD :Pakistan Finance Minister Ishaq Dar said on Thursday his country was"very close" to signing a staff level agreement with the International Monetary Fund.

"We seem to be very close to signing the staff level agreement, hopefully, God willing, in the next few days," Dar said at a seminar in Islamabad.The funds are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations.

The deal would unlock other bilateral and multilateral financing avenues for Pakistan to shore up its foreign exchange reserves, which have fallen to a lowly four weeks worth of import cover. Islamabad has been hosting an IMF mission since early February to negotiate the terms of a deal, including the adoption of policy measures to manage its fiscal deficit ahead of annual budget due around June.

 

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