Pakistan could get temporary relief from its economic crisis with a new standby arrangement announced by the lender.
Ednews reports that the International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on a $3bn standby arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on the brink of default.
The deal, subject to approval by the IMF board in July, comes after an eight-month delay and offers some respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves.