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IMF approves $7 billion funding deal for Pakistan | Business and Economy News


The International Monetary Fund (IMF) has approved a new $7bn loan for Pakistan after more than two months of negotiations. Prime Minister Shehbaz Sharif thanked the IMF for the approval and acknowledged the support of China and Saudi Arabia in meeting the lender’s conditions. Pakistan’s external debt of over $130bn, with a significant portion owed to China, is a key challenge for the country, with repayments due in the next three years. The approval of the IMF loan, along with support from allies and commitments to increase tax intake, is expected to help Pakistan navigate its economic challenges. The country has a history of economic instability, with 22 IMF bailouts since 1958, and was on the brink of a sovereign default last summer before the latest IMF bailout. Recent improvements in macroeconomic conditions and government liquidity have led to a credit rating upgrade by Moody’s. Despite the challenges, the approval of the IMF loan is seen as a positive step towards stabilizing Pakistan’s economy and ensuring financial sustainability in the future.

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Photo credit www.aljazeera.com

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