IMF board approves $6 billion loan package for Pakistan

Thursday, 4 July 2019 09:28

The International Monetary Fund (IMF) has approved $6 billion loan package for Pakistan to resuscitate the country's ailing economy.

Around $1 billion will be immediately disbursed with the remainder to be phased in over the three-year period of the programme, subject to quarterly review.

Despite IMF's tough conditions, Pakistan has accepted the package in a bid to rein in mounting debts and stave off a looming balance of payments crisis.

An additional $38 billion from Pakistan's international partners will also be unlocked over the programme period.

More from Business

Ambani's Reliance Jio considers 2.5% public offering in 2026 India IPO, sources say

Reliance Jio Platforms is considering an initial public offering this year that would float 2.5 per cent of the company, people familiar with the matter said, a move that could make it the country's largest-ever IPO worth more than $4 billion.
Abu Dhabi launches $2 billion 'Global Water Platform'

A $2 billion Abu Dhabi Global Water Platform has been launched to support the global water sector by strengthening water and food security in developing countries.
Ford to offer its first eyes-off driver-assistance system in 2028

Ford Motor has announced on Wednesday it would bring Level 3 driver-assistance systems to market in 2028, allowing drivers to take their hands and eyes off the road while operating on certain highways.
Parkin to manage smart parking at select Spinneys, Waitrose stores

Parkin has signed an agreement to manage parking facilities at six Spinneys and Waitrose supermarkets across the city, as part of efforts to ease congestion and improve access at busy retail locations.