IMF reaches staff deal with Pakistan, potentially unlocking $1.2 billion
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., U.S., November 24, 2024. REUTERS/Benoit Tessier/File Photo
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
Oct 7 : The International Monetary Fund has reached a staff-level agreement with Pakistan on reviews of some of its lending programs, potentially unlocking about $1.21 billion in financing pending board approval, the fund said on Wednesday.
• If the board approves the deal, Pakistan could access about $1 billion under the Extended Fund Facility and $210 million under the climate-focused Resilience and Sustainability Facility, bringing total disbursements under the two programs to around $5.7 billion.
• Pakistan remains reliant on external financing to bolster foreign exchange reserves and meet debt repayments.
• “Supported by the EFF, the authorities have successfully navigated the impact of the Middle East conflict, and strong policies have helped preserve macroeconomic stability,” the fund said.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
• Risks remain elevated, however, due to geopolitical tensions, volatile energy prices, tighter global financial conditions and trade disruptions, the IMF said.
• Pakistan is the most vulnerable major Asia-Pacific economy to a prolonged Middle East conflict, given its dependence on Gulf energy imports, remittances and financing support from the region, Ahmad Mobeen, principal economist at S&P Global Market Intelligence, said earlier this year.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
