IMF approves long-awaited US$3b bailout package for Pakistan ...Middle East

WASHINGTON: The International Monetary Fund (IMF) has approved a US$3 billion bailout package for cash-strapped Pakistan following months of talks with the South Asian country, which has been beset by economic misery for years, reported Xinhua.The IMF’s Executive Board, which approved the deal on Wednesday, said the aid “aims to support immediate efforts to stabilise the economy and guard against shocks while creating the space for social and development spending to help the people of Pakistan”.The pandemic, political instability, and last year’s flood disaster, which temporarily submerged a third of the country, have caused severe challenges.Growth has slowed, inflation has soared and forei

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IMF approves long-awaited US$3b bailout package for Pakistan ...Middle East

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