Africa Business Radio

The International Monetary Fund says it had agreed with Pakistan on measures needed to revive a stalled $6bn funding programme for the South Asian country, which faces growing economic challenges. The IMF in a statement says the Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms needed to complete the sixth review. Pakistan had been in talks with the IMF for several months to seek relaxation in the terms and conditions of the package. Its government bonds jumped between 1.3 and 2.8 cents on the news of an agreement. The IMF added that the agreement is subject to approval by the Executive Board, following the implementation of prior actions, notably on fiscal and institutional reforms.