ISLAMABAD, Sept 26 — The International Monetary Fund agreed to loan Pakistan US$7 billion (RM29 billion) to bolster its faltering economy, approving a relief package the...
Pakistan's Prime Minister Shehbaz Sharif said the deal with IMF came through thanks to the 'tremendous support' of Saudi Arabia, China, and the UAE. — Reuters picISLAMABAD, Sept 26 — The International Monetary Fund agreed to loan Pakistan US$7 billion to bolster its faltering economy, approving a relief package the government said would not have been possible without the support of China.
Pakistan in July agreed to the deal — its 24th IMF payout since 1958 — in exchange for unpopular reforms, including cutting back on power subsidies and widening its chronically low tax base. At the end of 2023 Pakistan — long locked in a cycle of political and economic crises — had amassed a total debt of more than $250 billion, or 74 per cent of GDP, according to the IMF’s latest report on the country.
It was saved by last-minute loans from friendly countries as well as an IMF rescue package, but its finances remain in dire straits, with high inflation and staggering public debts.It came on the condition of far-reaching reforms including hiking household bills to remedy a permanently crisis-stricken energy sector and uplifting pitiful tax takings.
International Monetary Fund Pakistan Economy
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