Pakistan vows to fulfil IMF promises after averting default threat

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Prime Minister Shehbaz Sharif said Wednesday that Pakistan would fulfill its commitments made to the International Monetary Fund (IMF) to secure a short-term financing deal, helping the cash-strapped nation avert a default in the near future.

A staff-level agreement on the $3 billion stand-by agreement (SBA) was reached between the local authorities and the IMF team, with the lender’s executive board to give final approval on July 12.

The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political chaos have scared off foreign investment.