The International Monetary Fund (IMF) has reached a $3 billion staff-level agreement with Pakistan for a stand-by arrangement, offering much-needed relief to the country.

Pakistan has been grappling with a balance of payments crisis and declining foreign exchange reserves, putting it on the verge of default.

The deal, subject to approval by the IMF board in July, comes after an eight-month delay. The funding, spread over nine months, is higher than expected and builds upon the 2019 program.

Pakistan has faced challenges including devastating floods and commodity price hikes due to the war in Ukraine. The new arrangement aims to provide a policy framework and financial support from bilateral and multilateral partners to address these issues.

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