IMF To Revive Stalled $6bn Bailout For Pakistan
The International Monetary Fund (IMF) has said that it will revive a six billion dollar bailout fund for Pakistan.
This was disclosed in a statement by the International Monetary Fund on Monday. Information Guide Nigeria
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaPM NEWS reports that according to IMF, this will help the country to stabilise its crumbling economy.
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Recall that Pakistan secured the bailout package in 2019 and received the sum of N500 to rescue the economy from a balance of payment and fiscal deficit crises. However, the loan was suspended twice after the payment of only three tranches due to Pakistan’s failure to implement an economic reform agenda.
The development is seen as a vital boost for Pakistan to revive its crumbling economy in the face of a spike in global energy and commodities prices.
According to PM NEWS, the IMF had asked Pakistan to adopt a market-based exchange rate instead of the central bank’s control on the forex market. Jamb Result
Some of the reforms have been implemented since the deal was signed but privatization and ending subsidies remained elusive due to political pressures.
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