IMF, Pakistan reach staff-level agreement

International Monetary Fund and Pakistan have reached a staff-level agreement on a 37-month Extended Fund Facility Arrangement (EFF) of about seven billion dollars. This agreement is subject to approval by the IMF's Executive Board. According to the international lender, the new program aims to support Pakistani authorities' efforts to cement macroeconomic stability and create conditions for a stronger, more inclusive, and resilient growth. This includes steps to strengthen fiscal and monetary policy and reforms to broaden the tax base, improve State Owned Enterprises' (SOE) management, strengthen competition, secure a level playing field for investment, enhance human capital, and scale up social protection through increased generosity and coverage in the Benazir Income Support Program (BISP). The IMF further emphasized that continued strong financial support from Pakistan's development and bilateral partners would be critical for the program to achieve its objectives. Source: Radio Pakistan