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The International Monetary Fund (IMF) has approved a $7bn (£5.25bn) loan to cash-strapped Pakistan. The country is due to receive the first $1bn of the loan immediately, with the balance to be ...
The development comes more than two months after the IMF reached a staff-level agreement with Pakistan for the new loan. It also came a day after officials said the global lender's executive board would approve the loan on Wednesday, adding that Pakistan had met all the conditions set by the lender.
Pakistan joined IMF on 11 July 1950 as newly established country was facing fiscal problems since its creation in 1947 from British India. In 1958, for the first time, Pakistan went to IMF for bailout. For this, IMF lent out US$25,000 (equivalent to $264,014 in 2023) [originally the loan-amount is given in SDR; [4] for this article it is ...
The deal comes after the IMF mission held five days of talks with Pakistani officials to review the fiscal benchmarks set for the loan. "Pakistan's economic and financial position has improved in ...
Thursday's announcement comes two months after the IMF said it had reached a staff-level agreement with Pakistan for the new $7 billion loan deal. Pakistan is currently facing one of its worst economic crises and Sharif has expressed hope that the country would be able to reduce its reliance on foreign loans in the years to come.
June 30, 2023 at 12:55 AM. By Ariba Shahid. (Reuters) -The International Monetary Fund (IMF) has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement, the lender said, a ...
Education aid. Pakistan received $649 million in aid for education in 2015, the highest it had received so far. the aid had increased from $586 million in 2014 to $649 million in 2015. The paper also reports that Pakistan received the most aid out of all the countries in Southern Asia, with India just behind receiving $589 million in 2015.
Pakistani economic crisis(2022–) Pakistan has experienced an economic crisis as part of the 2022 political unrest. It has caused severe economic challenges for months due to which food, gas and oil prices have risen. The Russian invasion of Ukraine has caused fuel prices to rise worldwide.