Pakistan, IMF reach $3 bln staff-level agreement

Washington, June 30 (BNA): The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on a $3 billion standby arrangement, the lender said, a long-awaited decision by the teetering South Asian country. On the brink of default.

Reuters said the deal, which is subject to IMF board approval in July, comes after an eight-month delay and provides some relief to Pakistan, which is grappling with an acute balance of payments crisis and dwindling foreign exchange reserves.

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