In a major relief to cash-strapped Pakistan, the government and the IMF have reached a long-awaited staff-level agreement on a USD 3 billion stand-by arrangement to support the authorities’ immediate efforts to stabilise the economy from external shocks.

Pakistan’s economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet.

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“I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR 2,250 million (about USD 3 billion or 111 per cent of Pakistan’s IMF quota),” Nathan Porter, the International Monetary Fund’s Mission Chief to Pakistan, said in a statement on Thursday.

The new SBA builds on the authorities’ efforts under Pakistan’s 2019 EFF-supported programme which expires end-June. This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider this request by mid-July, the statement added.