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The International Monetary Fund (IMF) on Wednesday gave the go-ahead for a $3 billion loan to Pakistan after months of talks. The loan was already announced at the end of June.
The aid is intended to support immediate efforts to stabilize the economy while creating room for social and development spending to help the people of Pakistan, the IMF said.
The country is suffering from the effects of the pandemic, political instability and massive flooding last year, which submerged a third of the country. These factors mean that economic growth has slowed, inflation has soared and foreign exchange reserves have fallen, increasing the risk that Pakistan will no longer be able to meet its international obligations.
The support from the International Monetary Fund is spread over nine months and is subject to a number of conditions. For example, the country had to promise to improve the tax collection system and tighten monetary policy.
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