The International Monetary Fund (IMF) and Pakistan on Tuesday reached a staff-level agreement that Pakistan had completed reforms required for the release of around $500 million in IMF funds that had been suspended for about a year, APA reports quoting Reuters.
“The package strikes an appropriate balance between supporting the economy, ensuring debt sustainability and advancing structural reform,” the Fund said in a statement issued by both sides.
“Pending approval of the Executive Board, the reviews’ completion would release around US$500 million.”
Financial analysts say the hold-up was due to questions around fiscal and revenue reforms.
“This is a good development for Pakistan,” Finance Minister Abdul Hafeez Shaikh said in a tweet.
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