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Pakistan, IMF reach agreement on reforms to release around $500 million

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The International Monetary Fund (IMF) and Pakistan on Tuesday reached a staff-level agreement over reforms that will lead to the release of around $500 million in funds, the IMF and the country’s finance ministry said.

The package strikes an appropriate balance between supporting the economy, ensuring debt sustainability and advancing structural reform, the fund said in a statement.

“Pending approval of the Executive Board, the reviews’ completion would release around US$500 million,” the IMF said.

Finance Minister Dr Abdul Hafeez Shaikh also confirmed the agreement on Twitter, saying that “overcoming the challenges created by the pandemic has required concerted effort”.

“This is a good development for Pakistan,” he added.

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