WASHINGTON: Finally, Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement on policies and reforms, the Fund confirmed on its website on Monday.
The loan agreement, however, is subject to approval by the IMF’s Executive Board.
According to the statement issued by a spokesperson for the Fund, the loan agreement is subject to the approval of the executive board of IMF.”
He added if the accord is finalised, Pakistan will receive $1,059 million out of $6 billion loan package.
The IMF has acknowledged that Pakistan despite the difficult conditions had done better on the policies suggested by the institution. It said that by the end of June, Islamabad had acted upon all the agreed points except to overcome the budget deficit.
The Fund admitted that the country had played a key role in preventing funding for terrorism framework and anti-money laundering.
The IMF spokesperson said that State Bank of Pakistan while changing the proper monetary policy stance had also taken macro prudential steps to facilitate loans to their consumers.
