Abb Takk News

Pakistan, IMF Reach Agreement On Bailout Package: Hafeez Sheikh

ISLAMABAD: Pakistan reached an agreement with the International Monetary Fund (IMF) on a three-year bailout package, announced finance advisor Hafeez Sheikh on Sunday.

Finance advisor Abdul Hafeez Sheikh in an interview at the state TV said Pakistan has reached an agreement with IMF on a $ 6 billion bailout package. “The bailout package will be given within 39 months time,” he added.

He said that Pakistan would also get an additional amount of two to three billion dollars from the World Bank and the Asian Development Bank (ADB).

“The Pakistani authorities and the IMF team have reached a staff-level agreement on economic policies that could be supported by a 39-month EFF for about US$6 billion, subject to approval by the Executive Board. IMF’s Ramirez Rigo,” announced IMF.

 

“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 an IMF press release.

Pakistan and IMF mission had kicked off technical talks on April 29 to sort out details of the bailout package over the next 10 days.