A boy walks past a sidewalk money exchange stall decorated with pictures of banknotes in Karachi, Pakistan. Reuters
The International Monetary Fund Executive board approved a three-year, $6 billion loan package for Pakistan on Wednesday to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures.
The International Monetary Fund (IMF) said it approved a $500 million disbursement to Pakistan for budget support after the IMF Executive Board completed delayed reviews of Pakistan’s $6 billion loan programme.
"While uncertainty remains high, the near-term economic impact of COVID-19 is expected to be significant, giving rise to large fiscal and external financing needs," the international lender said in a statement.
Addressing his first press conference in Islamabad after assuming the charge as finance minister, Tarin said: “Pakistan is in talks with the International Monetary Fund to try to ease “tough conditions” on a $6 billion loan.”
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