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Pakistan reaches agreement with IMF for 6 billion USD package over 3 years

Christian Fernsby ▼ | May 13, 2019
The Pakistani government and the International Monetary Fund (IMF) have reached an agreement on a bailout package for Pakistan, Adviser to the Pakistani prime minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh announced.
Ernesto Ramirez Rigo
Asia   IMF Mission Chief for Pakistan Ernesto Ramirez Rigo
Talking to the Pakistan Television Network (PTV), Shaikh said that the technical teams of Pakistan and the IMF have agreed on a bailout package for a period of three years under which Pakistan would receive 6 billion U.S. dollar assistance.

The advisor said "after months of discussions and negotiations, a staff-level agreement has been reached between Pakistan and the IMF," which still needs approval from the IMF board of directors in Washington, but it shows that effective reforms are underway in Pakistan.

A press release from IMF Mission Chief for Pakistan Ernesto Ramirez Rigo also confirmed the announcement by the Pakistani side as saying that Pakistan's economic policies could be supported by a 39-month Extended Fund Arrangement (EFF) for about 6 billion U.S. dollars.