Cash-strapped Pakistan strikes $3 billion standby bailout deal with IMF
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Pakistan has reached a staff-level agreement with the International Monetary Fund (IMF) for a $3 billion loan program, the global lender said. The deal, which came after Pakistan on Monday raised its main interest rate to a record-high of 22%, is currently on standby until the IMF's board approves it. Experts said the deal may put the country's economy back on track.