Pakistan gets draft approval for $1.1 billion IMF payout
The Peninsula
Islamabad: Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout deal, the global lender...
Islamabad: Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout deal, the global lender said on Wednesday, giving much-needed respite to the South Asian nation.
Last summer, cash-strapped Pakistan sketched a $3 billion deal with the IMF as it battled a balance-of-payments crisis which brought it to the brink of default.
After six days of talks in Islamabad, concluding Tuesday, the IMF said officials had reached a "staff-level agreement" to pay out the latest portion of the deal, subject to board approval in late April.
Pakistan held elections last month, and a shaky coalition government has been tasked with an economic turnaround requiring them to agree to a raft of unpopular IMF belt-tightening measures.
In a statement, the IMF said "Pakistan's economic and financial position has improved" in recent months.
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