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IMF opened its coffers for Pakistan; praised it but also warned it
Pakistan is currently neck-deep in debt. Its economic condition is in a bad state. It was constantly pleading with the International Monetary Fund (IMF) for a bailout package. The IMF has approved a new loan of 7 billion dollars for Pakistan. Pakistan will get this loan in installments over 37 months. Its purpose is to help bring Pakistan's tattered economy back on track.
The International Monetary Fund has approved a fresh seven-billion-dollar bailout package for cash-starved Pakistan. It has allowed the immediate release of the first tranche of less than 1.1 billion dollars worth of loans to deal with the economic crisis.
The staff-level agreement with Pakistan was approved by the IMF board that met in Washington on Wednesday. The Pakistani government had earlier promised to reform the farm income tax, transfer some of the financial responsibilities to the provinces, and put a check on subsidies.
The Prime Minister's Office in Pakistan has just confirmed that Islamabad has received a formal notification from the International Monetary Fund (IMF), and on the approval of a 37-month EFF of $7 billion. This is going to be the 25th IMF program and the sixth EFF that the country is getting since 1958.
