Pakistan has reached a deal for $7bn in medium-term financing from the IMF, offering the government a reprieve as it seeks to navigate the crisis-hit country out of soaring public debts and weak economic growth.
The IMF announced on Friday that it had reached a staff-level, or preliminary, agreement with Prime Minister Shehbaz Sharif’s government for a 37-month financing programme under a so-called extended fund facility.
The deal, which is Pakistan’s 24th bailout with the multilateral lender, will now go to the IMF’s executive board, which is expected to approve the loan, though it did not specify a date that it would do so.
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