Pakistan clinches deal with IMF over stalled bailout package

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Govt finalises deal with IMF mission over $6.5 billion lending programme, unlocking critical funds for the economy
news desk
ISLAMABAD:
The government of Pakistan on Thursday managed to finalise a deal with the visiting International Monetary Fund mission over the terms of its $6.5 billion lending programme, unlocking critical funds for the ailing economy.
Sources confirmed to Express News that the two sides had finally reached consensus over the details of lending programme. They said that Prime Minister Shehbaz Sharif has also approved the deal and all mattters over the bailout program have been settled.
Finance minister Ishaq Dar is expected to announce further details regarding the talks shortly, the sources added.
The mission has been in Islamabad since Jan 31 to sort out differences over the government’s fiscal policy that had stalled the release of over $1 billion from the $6.5 billion bailout package signed in 2019. The IMF funding is crucial for the $350-billion Pakistan economy facing a balance-of-payments crisis with the country’s foreign exchange reserves slipping below $3 billion for the first time in nine years on Thursday, reducing import capacity to just over two weeks.