IMF approves $7bn loan to Pakistan

Published On Sep 25, 2024, 9:47 PM

The International Monetary Fund (IMF) has granted Pakistan a $7 billion loan to help stabilize its struggling economy. The country will receive an initial $1 billion immediately, with the remaining funds distributed over three years. This loan comes after decades of reliance on IMF support, as Pakistan has faced severe financial mismanagement and was nearing default on its debts. In exchange for the funds, Pakistan has agreed to implement various economic reforms, including increasing tax revenues. The IMF emphasizes that these reforms are critical to building a more resilient economy that can overcome current challenges.