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Bloomberg
Pakistan and the International Monetary Fund (IMF) reached an agreement on a loan of about $6 billion designed to help the South Asian nation avert an economic crisis.
The lender’s executive board will meet to appr-
ove the agreement for the
39-month loan, “subject to the timely implementation of prior actions and confirmation of international partners’ financial commitments,†IMF’s mission chief Ernesto Ramirez Rigo said in a statement.
The loan would represent 13th bailout since late 1980s from IMF to Pakistan, which is facing a balance-of-payments crisis triggered by high fiscal and current-account deficits and dwindling foreign exchange reserves. Rigo noted the efforts to stabilise the nation’s economy but said more needs to be done.