The International Monetary Fund (IMF) has agreed to provide $3 billion in relief to Pakistan to support its struggling economy, AP News reports.
Pakistan’s economy has been hit hard by devastating floods and an international commodity price spike due to Russia’s war in Ukraine.
Despite efforts to reduce imports and the trade deficit, reserves have drastically declined and liquidity conditions in the power sector remain critical.
The nine-month agreement is awaiting approval from the IMF’s Executive Board, with a decision expected in mid-July.
