IMF board approves $7 billion Pakistan loan agreement

The IMF has approved a $7 billion loan for Pakistan to strengthen its struggling economy. This three-year program, Pakistan’s 24th IMF bailout since 1958, requires reforms to boost growth and resilience. Pakistan narrowly avoided default last year due to floods, political instability, and global economic challenges. The loan comes with conditions including widening the tax base and increasing household bills. Prime Minister Shehbaz Sharif stated this should be Pakistan’s last IMF program. The IMF acknowledged Pakistan’s progress but warned of persistent vulnerabilities and structural challenges.READ FULL