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Pak bags preliminary deal for $6Bn IMF bailout

ANI  |  Asia 

government reached an agreement with the (IMF) for a bailout package of $6 billion, to on Finance, Revenue and Economic Affairs Dr said on Sunday.

According to Dawn, Dr Shaikh while speaking on state-run PTV News said: "After months of discussions and negotiations, a staff-level agreement has been reached between and the IMF."

He disclosed that Pakistan, under the IMF programme, would receive assistance worth $6 billion over a period of three years.

for was quoted in an IMF press release as saying: "The Pakistani authorities and the IMF team have reached a staff-level agreement on economic policies that could be supported by a 39-month Extended Fund Arrangement (EFF) for about US $6 billion."

Dr Shaikh said IMF is an international institution who assists member countries in "economic difficulty". He further went on to say that Pakistan could not have bridged the financing gap of $12 billion, created by a weak economy, on its own.

Pakistan on Friday had rejected the first draft for a bailout package after which the talks with (IMF) were still underway.

Besides the assistance by IMF, Pakistan will receive additional funds worth nearly $2-3 billion from institutions like the and Bank, the informed.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 13 2019. 03:26 IST