Pakistan's finance minister said a staff level agreement for a crucial bailout deal with the International Monetary Fund was 'very close' and expected in the next 24 hours.
Pakistan's Finance Minister Ishaq Dar is seen after a party meeting in Islamabad, Pakistan September 26, 2017. Picture taken September 26, 2017. REUTERS/Faisal Mahmood/File Photocrucial bailout dealIslamabad is racing against time to unlock at least $1.1 billion under the lender's ninth review of a $6.5-billion Extended Fund Facility agreed in 2019. The programme expires on Friday.
"I think it should come some time tonight or maximum within 24 hours ... We have finalised everything." The source said the staff level agreement was to set to initially unlock around $1.1 billion and then be followed by a "standby agreement" which could release the rest after the programme finishes on Saturday.The agreement, which would be subject to approval by the IMF board, has faced an eight-month delay.
A total of $4 billion have already been released. Dar had earlier told media the government was working on a mechanism to try to unlock the full $2.5 billion pending under the IMF programme.
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