The International Monetary Fund (IMF) and Pakistan have agreed on conditions to release about $1.1bn in financial aid critical to escape an economic collapse.
This was announced after 10 days of negotiations but the payout will be delayed due to routine procedures according to finance minister Ishaq Dar.
Pakistan signed a $ 6 billion bailout package with IMF in 2019 with an additional $1 bn the following year but the first $1.1bn payment stalled since December.
Pakistan IMF Mission Chief Nathan Porter said considerable progress has been made but negotiations continue as Pakistani promised to complete its second IMF program in its history.
Fuel prices will be increased and diesel levies will be doubled to 5 rupees a litre on March 1 and April 1 this year to raise 170 billion Pakistani rupees.
Pakistani is battling an economic crisis compounded by a balance of payment crisis, record inflation, and a declining rupee that has lost value more than 10 percent of its value in the last two weeks in what Prime Minister Shehbaz Sharif described as unimaginable
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