Pakistan could get temporary relief for its ballooning foreign debt with a new stand-by arrangement worth $3 billion announced by the International Monetary Fund (IMF) in Washington late on Thursday. The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political chaos have scared off potential foreign investment. Inflation has rocketed, the rupee has reached a record low against the dollar, and the country can no longer afford imports, causing a severe decline in industrial output. "I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on
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