Negotiations between Pakistan and the International Monetary Fund results in the Islamic country securing a US$6 billion bailout for its cash-strapped economy. pakistan
ISLAMABAD: Pakistan and the International Monetary Fund have reached a new agreement securing a US$6 billion bailout for the cash-strapped country, officials said Sunday, following months of painstaking negotiations between the two sides.
According to Pakistan’s finance advisor Abdul Hafeez Sheikh the country is set to receive US$6 billion from the IMF in addition to US$2 to US$3 billion from the World Bank and Asian Development Bank over the next three years. The abrupt resignation of Umar – one of Khan’s most powerful ministers – was particularly shocking due to his perceived role in overseeing the vital negotiations with the IMF over the long-delayed bailout.
Pakistan has had 21 bailouts since it joined the IMF in 1950. Its most recent loan was issued in 2013, worth US$6.6 billion. However the influx of Gulf cash failed to reverse the economic headwinds battering Pakistan, as high fuel prices, low tax yields, and rising inflation have kept the country off balance.
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