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LAHORE: Pakistan’s finance minister said late Thursday that a staff level agreement for a major bailout deal with the International Monetary Fund was “very close” and expected within the next 24 hours.
Islamabad is racing against time to open at least $1.1 billion under the lender’s ninth review of the $6.5 billion extended financing facility agreed in 2019. The program ends on Friday.
“We are very close to signing a staff level agreement with the International Monetary Fund,” Minister Ishaq Dar told Reuters.
“I think he should come sometime tonight or at the latest in 24 hours… We’ve finished everything.”
An IMF representative in Pakistan did not immediately respond to a request for comment.
The agreement, which will be subject to approval by the International Monetary Fund’s board of directors, faced an eight-month delay.
The funds under discussion will provide some relief to Pakistan, which is grappling with an acute balance of payments crisis and declining foreign exchange reserves. A total of $4 billion has already been released. Dar had earlier said the government was working on a mechanism to try to unlock the full $2.5 billion outstanding under the IMF programme, beyond the $1.1 billion projected in the ninth review being discussed.
It was not clear what part of the money would be released in the announcement, which he expected in the next 24 hours.
Islamabad is racing against time to open at least $1.1 billion under the lender’s ninth review of the $6.5 billion extended financing facility agreed in 2019. The program ends on Friday.
“We are very close to signing a staff level agreement with the International Monetary Fund,” Minister Ishaq Dar told Reuters.
“I think he should come sometime tonight or at the latest in 24 hours… We’ve finished everything.”
An IMF representative in Pakistan did not immediately respond to a request for comment.
The agreement, which will be subject to approval by the International Monetary Fund’s board of directors, faced an eight-month delay.
The funds under discussion will provide some relief to Pakistan, which is grappling with an acute balance of payments crisis and declining foreign exchange reserves. A total of $4 billion has already been released. Dar had earlier said the government was working on a mechanism to try to unlock the full $2.5 billion outstanding under the IMF programme, beyond the $1.1 billion projected in the ninth review being discussed.
It was not clear what part of the money would be released in the announcement, which he expected in the next 24 hours.
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