July 01, 2023 12:44 am | Updated 12:44 am IST - ISLAMABADThe International Monetary Fund (IMF) has agreed to provide $3 billion to Pakistan in badly needed relief to help bail out the impoverished country's ailing economy. The country was also hit by an international commodity price spike in the wake of Russia’s war in Ukraine. Mr. Sharif thanked the IMF for the new, stand-by arrangement as the deal is called. Talks between Pakistan and the IMF had stalled in December after the global lender delayed the last crucial tranche of the previous bailout. The two sides were at odds over what the fund said was Islamabad’s unsatisfactory compliance with the bailout conditions.

Source: The Hindu July 01, 2023 01:21 UTC