(MENAFN) On Wednesday, the International Monetary Fund (IMF) disclosed that it had reached a staff-level agreement with Pakistan concerning the final review of a USD3 billion bailout package. This announcement followed the conclusion of a week-long visit by an IMF team to Islamabad, which concluded on Tuesday.
Nathan Porter, the leader of the IMF team, stated in a release that once endorsed by the IMF executive board, Islamabad would gain access to approximately USD1.1 billion. This agreement marks a significant step in Pakistan's ongoing efforts to stabilize its economy with the support of international financial institutions.
The global lender commended Pakistan's central bank and the outgoing caretaker government for their "strong program implementation" in adhering to the terms of the bailout package. The IMF expressed optimism that the incoming government would continue the country's efforts towards economic stabilization.
“Pakistan’s economic and financial position has improved in the months since the first review, with growth and confidence continuing to recover on the back of prudent policy management and the resumption of inflows from multilateral and bilateral partners," Porter stated.
The IMF representative further stated that the incoming government is dedicated to upholding the policy initiatives initiated under the existing Stand-By Arrangement, aiming to solidify economic and financial stability for the remainder of the year.
In June of the previous year, the IMF sanctioned a pivotal nine-month arrangement with Pakistan to support its economic stabilization endeavors.
The current IMF program is scheduled to end in the second week of April, coinciding with Pakistan's foreign reserves surpassing USD13 billion.
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