JEDDAH: The International Monetary Fund has agreed to provide a $6 billion bailout package for Pakistan, providing a major relief to its struggling economy, according to Bloomberg.
Pakistan and IMF have reached an agreement for the loan review, the IMF said. The agreement involves fiscal and institutional reforms, before final approval is given by the IMF’s executive board.
The review comes as the country’s economy suffers with high inflation due to an increase in global commodity prices and rising imports.
The agreement will enhance Pakistan’s foreign exchange reserves and strengthen the rupee, which has weakened more than 14 percent against the dollar in the past six months.