Agreement Between Pakistan and the International Monetary Fund

The International Monetary Fund announced on Friday that it has "reached a staff-level agreement with Pakistan regarding a three billion dollar standby arrangement." Prime Minister Shehbaz Sharif noted that "the agreement will enable Pakistan to achieve economic stability and place the country on the path to sustainable economic growth." Meanwhile, Finance Minister Muhammad Ishaq Dar told Reuters that "Pakistan will receive official documents regarding the agreement from the Fund," adding that "he will sign, stamp, and return them tonight." This agreement, which still requires the approval of the IMF's Executive Board in July, comes just hours before the current agreement with the Fund expires later today. The agreement is expected to assist Pakistan, which is facing a severe balance of payments crisis and declining foreign currency reserves.