The funding is intended to help the Pakistani government implement its strategy to secure “stronger and more balanced growth”, the IMF said in a statement, noting that Pakistan is currently struggling economically.
Islamabad and the International Monetary Fund (IMF) have concluded a deal on a bailout package for the South Asian state, the local PTV News outlet reported on Sunday citing adviser to the PM on finance, revenue and economic affairs, Dr Abdul Hafeez Shaikh, as saying.
As part of the agreement, Pakistan is expected to receive $6 billion in assistance over the next three years.
“After months of discussions and negotiations, a staff-level agreement has been reached between Pakistan and the IMF,” Dr Abdul Hafeez Shaikh said.
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The IMF package comes at a time when Pakistan’s economy is in turmoil, with the country’s foreign-exchange reserves falling to around $6 billion earlier this year and the Asian Development Bank forecasting a further slump in economic growth to 3.9 per cent in 2019, down from 5.2 per cent in 2018.