IMF, Pakistan reach staff-level agreement

Pakistan will receive $1.1 billion following approval from the Fund’s Executive Board as part of a $3 billion bailout that has been negotiated under a Staff-Level Agreement (SLA) between the lender and the government, the International Monetary Fund (IMF) announced on Wednesday.
The money is the last installment of a $3 billion last-ditch rescue package that Pakistan obtained last summer, saving the country from sovereign debt default. Islamabad is also looking for an additional long-term rescue.
The agreement acknowledges the caretaker government’s and the State Bank of Pakistan’s excellent programme implementation in recent months, as well as the new government’s plans for continued policy and reform initiatives to transition Pakistan from stability to a robust and long-lasting recovery.