Economically struggling Pakistan reaches agreement with IMF for financial aid

Pakistan has reached a staff-level agreement with the International Monetary Fund (IMF) over $3bn (£2.4bn) of funding, BBC news reported.

The news agency added that the deal still needs to be approved by IMF board.

The article further noted that Pakistan’s central bank raised its main interest rate to a record high of 22% on Monday to help secure the deal.

It should be mentioned that Pakistan’s economy is suffering from years of financial mismanagement, a global energy crisis and devastating floods that hit the country last year, throwing the country in its worst economic crisis since independence from Britain in 1947.