The details of the agreement show the targets set for Pakistan and require the country to increase foreign exchange reserves from $6.824 billion currently to $11.187 billion next year. As a result, the country`s net reserves are expected to increase from $17.7 billion to $10.8 billion. “Following discussions between IMF staff and the Pakistani authorities in Islamabad from 3 to 13 February (see press release 20/51) which have continued in recent days from IMF headquarters, IMF staff and the Pakistani authorities have reached a staff-level agreement on the measures and reforms needed to complete the second revision of the REFORM programme supported by the EFF. The agreement is subject to IMF management approval and board review, which is expected in early April. The closing of the review will provide SDR 328 million (approximately $450 million). Several interviews with Finance Ministry officials show that the appointment of former IMF mission chief Reza Baqir as governor of the State Bank of Pakistan and former Finance Minister Abdul Hafeez Shaikh as financial advisor to the Prime Minister was imposed by the IMF ahead of the bailout agreement. “The Pakistani authorities and the IMF team have reached an agreement on economic policy at the personnel level, which could be supported by a 39-month agreement on an extension fund (EFF) of about $6 billion. This agreement is subject to imf management`s agreement and board approval, subject to timely implementation of previous measures and confirmation of the financial commitments of international partners. The programme aims to support the authorities` strategy for stronger and more balanced growth by reducing national and external imbalances, improving the business environment, strengthening institutions, enhancing transparency and protecting social spending. On July 3, the International Monetary Fund approved a $6 billion bailout to deliver “sustainable growth” to Pakistan`s economy.