ISLAMABAD -- Pakistan's last-gasp deal with the International Monetary Fund has put a jolt into the country's stock market, pushed up the rupee and provided some much-needed padding for foreign currency reserves. Experts, however, warn that structural weaknesses, political uncertainty and the terms of the IMF deal itself mean that more difficult days lie ahead.
Pakistan late last week finalized a $3 billion standby arrangement with the IMF at the staff level, just as its stalled existing loan program with the fund was due to expire. Now the nation is set to receive the first $1.1 billion tranche this month after approval by the IMF's board.
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