IMF, Pakistan make significant progress on new loan, lender’s mission says

An International Monetary Fund (IMF) mission and Pakistan have made significant progress towards reaching a staff-level agreement for an extended fund facility (EFF), the global lender said on Friday. Shortly after the statement’s release, the Pakistan Stock Exchange (PSX) gained 556.5 points, to stand at 75,670.97 points at 9:41am from the previous close of 75,114.47. The IMF has opened discussions with Pakistan on a new loan programme after Islamabad last month completed a short-term $3 billion programme, which helped stave off a sovereign debt default.