IMF Approves a $7 Billion Loan for Pakistan to Help Ailing Economy

Published on September 26, 2024

The executive board of the International Monetary Fund (IMF) has approved a new $7 billion loan for Pakistan, authorities said on Sept. 25, more than two months after the two sides said they had reached an agreement. The funds are aimed at helping authorities strengthen fiscal and monetary policy, and reform and broaden the tax base to boost Pakistan’s economy. Pakistan has been working on implementing conditions, which Prime Minister Shehbaz Sharif had previously called “strict” to secure the 37-month loan program agreed in July. The IMF praised Pakistan for taking steps to restore economic stability, noting that the country’s growth is rebounding, inflation has dropped to single digits, and a stabilized exchange market has led to the rebuilding of reserve cash buffers....

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