The staff-level agreement is subject to approval by the IMF executive board, says global lender
\nISLAMABAD
\nPakistan and IMF have reached a staff level agreement.
\n \u201cThe IMF staff and the Pakistani authorities have reached a staff-level agreement on policies to be supported by a Stand-by Arrangement (SBA). The staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July,\u201d read a statement posted on the IMF website.
\n The development comes as Finance Minister Ishaq Dar told Reuters late on Thursday night that a staff-level agreement for a crucial bailout deal with the IMF was \u201cvery close\u201d and expected in the next 24 hours. \u201cWe are very close to signing a staff level agreement with the IMF.\u201d \u201cI think it should come sometime tonight or maximum within 24 hours \u2026 We have finalised everything.\u201d Later in a tweet, Dar, in a tweet, expressed his gratitude over the successful and result-oriented dialogue with the IMF.
\nAccording to the statement, the IMF staff team led by its mission chief to Pakistan \u2013 Nathan Porter \u2013 held in person and virtual meetings with the Pakistani Authorities to discuss a new financing engagement for Pakistan under a Stand-by Arrangement (SBA).
\n\u201cI am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA),\u201d Porter said, adding, \u201cThe full and timely implementation of the programme will be critical for its success in light of the difficult challenges.\u201d
\nHe said the new SBA built on the authorities\u2019 efforts under Pakistan\u2019s 2019 Extended Fund Facility (EFF)-supported programme which was to expire on June 20. \u201cThis agreement is subject to approval by the IMF\u2019s Executive Board, which is expected to consider this request by mid-July.\u201d
\nAbout the background and the challenges faced by Pakistan, Porter said since the completion of the combined seventh and eight reviews under the 2019 EFF in August 2022, the country\u2019s economy had faced several external shocks, including the catastrophic floods in 2022 that impacted the lives of millions of Pakistanis and an international commodity price spike in the wake of Russia\u2019s war in Ukraine.
\nHe went to point out some objections over the policy adopted by Pakistan, saying. \u201cAs a result of these shocks as well as some policy missteps\u2014including shortages from constraints on the functioning of the FX market\u2014economic growth has stalled.<\/p>\n","protected":false},"excerpt":{"rendered":"
The staff-level agreement is subject to approval by the IMF executive board, says global lender ISLAMABAD Pakistan and IMF have reached a staff level agreement. \u201cThe IMF staff and the Pakistani authorities have reached a staff-level agreement on policies to be supported by a Stand-by Arrangement (SBA). The staff-level agreement is subject to approval by […]<\/p>\n","protected":false},"author":2,"featured_media":328836,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[186,20],"class_list":{"0":"post-340587","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-imf","9":"tag-pakistan"},"yoast_head":"\n