An International Monetary Fund (IMF) team has reached a staff-level agreement with Pakistani authorities on the final review of Pakistan’s stabilization program.
The program is supported by a $3 billion (in US dollars) Stand-By Arrangement, which was approved in January of this year.
“Pakistan’s economic and financial position has improved in the months since the first review, with growth and confidence continuing to recover on the back of prudent policy management and the resumption of inflows from multilateral and bilateral partners,” says teamlead Nathan Porter in a press release.
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“However, growth is expected to be modest this year and inflation remains well above target, and ongoing policy and reform efforts are required to address Pakistan’s deep-seated economic vulnerabilities amidst the ongoing challenges posed by elevated external and domestic financing needs and an unsettled external environment.”
On Wednesday, according to Reuters, most Pakistan dollar bonds traded at an increased value.