International Monetary Fund (IMF) Approves $6 Billion Loan To Bail Out Pakistan’s Economy

International Monetary Fund (IMF) Approves $6 Billion Loan To Bail Out Pakistan’s Economy

United Nations: The International Monetary Fund (IMF) has thrown Pakistan’s flailing economy a lifeline through a $6 billion loan that brings with it stringent conditions and regular monitoring. The Executive Board approved the loan to support the economic reform programme initiated by Prime Minister Imran Khan, the International Monetary Fund said on Wednesday.

Pakistan will receive $1 billion immediately and the rest will be delivered over a 39 month period based on periodic reviews, according to the International Monetary Fund. In return, Islamabad is expected to undertake reform measures ranging from reducing public debt through improved tax collection and eliminating losses in the energy sector to adopting “market-determined exchange rate” that could drive down the Pakistani rupee and rebuilding reserves, the International Monetary Fund said. The International Monetary Fund asserted that its loan will help Pakistan get $38 billion from its international partners over the 39-month period of its programme. (IANS)

Top Headlines

No stories found.
Sentinel Assam
www.sentinelassam.com