On June 29, the IMF and Pakistan reached a staff-level agreement on the $3 billion stand-by arrangement, a long-awaited decision for a country facing a critical risk of default.
The agreement, subject to IMF board approval, offers much-needed relief to Pakistan, which is grappling with a severe balance of payments crisis and declining foreign exchange reserves.
According to a press statement issued by the lender on June 29, the new SBA will support Pakistan authorities’ immediate efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.
Renowned economist Haroon Sharif explains whether the Pakistani government's measures enough for IMF structural reforms.
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