May 12, 2019 / 5:22 PM / 4 months ago

IMF says accord with Pakistan to cut imbalances, support growth

ISLAMABAD (Reuters) - The International Monetary Fund confirmed on Sunday that it had reached a staff-level agreement with Pakistan over a $6 billion bailout package backed by a series of reforms to cut yawning deficits and improve growth.

The program would aim to cut Pakistan’s debt through tax measures to improve revenue collection as well as reforms to its creaking energy sector, with a “market-determined exchange rate” to help the functioning of the finance sector, the IMF said in a statement.

Reporting by James Mackenzie; Editing by Raissa Kasolowsky

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