IMF seeks PTI 'support' in standby agreement: Hammad Azhar

Pakistan Tehreek-e-Insaf (PTI) leader Hammad Azhar on Friday said that the International Monetary Fund (IMF) has reached out to the party leadership "to solicit the party's support for the $3 billion standby agreement and its broad objectives". In a tweet, the PTI leader added that the IMF's team is to hold a meeting with the party chief over the telephone this afternoon. PTI's economic team has been approached by the IMF to solicit the party's support for the USD 3 BN Stand-By Agreement and its broad objectives. An IMF team will call on Party Chairman Imran Khan at Zaman Park this afternoon. Both PTI's economic team and the IMF team will join, in… — Hammad Azhar (@Hammad_Azhar) July 7, 2023 "Both PTI's economic team and the IMF team will join, in person and virtually, to take part in the discussions," he added. The IMF meeting comes as the Fund is seeking the support of all political parties, including the PTI for its recently announced bailout package.  Read Stocks rebound on back of investor hopes Notably, the global lender has said that it has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement -- a decision long awaited by the South Asian nation which is teetering on the brink of default. The deal, subject to approval by the IMF board in July, came hours before the current agreement with the IMF was to expire last week. Although essentially a bridge loan, it offers much respite to Pakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves. The agreement will enable Pakistan to achieve economic stability, and put the country "on the path of sustainable economic growth, God willing," said Prime Minister Shehbaz Sharif.