IMF to revive $6 billion Pakistan funding programme

IMF to revive $6 billion Pakistan funding programme

The International Monetary Fund (IMF) has said it has reached an agreement with Pakistan that will help revive a stalled $6 billion (over Sh673.5 billion) funding programme for the South Asian country, which faces growing economic challenges.

"The Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms needed to complete the sixth review," the IMF said in a statement.

"The agreement is subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms."

It said completion of the review would make available 750 million in IMF special drawing rights, or approximately $1.059 billion, bringing total disbursements so far to about $3.027 billion.