Pakistan meets conditions to get next $500 million from IMF

Pakistan meets conditions to get next $500 million from IMF
  • Clock-gray 21:09
  • calendar-gray 16 February 2021

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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