The deal comes after months of negotiations over what will be Pakistan’s 22nd bailout aimed at staving off a potential balance-of-payments crisis.
ISLAMABAD - Pakistan will get $6 billion from the IMF over the next three years to meet its foreign debt obligations, the country’s advisor on finance said on state television, after signing the agreement.
“So Pakistan will get $6 billion from the IMF, and in addition, we will get $2 to $3 billion from the World Bank and Asian Development Bank in the next three years,” said Abdul Hafeez Shaikh during the broadcast. “The program aims to support the authorities’ strategy for stronger and more balanced growth by reducing domestic and external imbalances, improving the business environment, strengthening institutions, increasing transparency, and protecting social spending,” said Ramirez Rigo, head of the IMF delegation, in a statement released late Sunday.A government report published Friday said that Pakistan’s growth rate is set to hit an eight-year low.
Discontent is already growing over the measures the government has taken to fend off the crisis, including devaluing the rupee by some 30% since January 2018, sending inflation to five-year highs.
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