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

ADNOC, Gecko Robotics sign deals to accelerate AI, robotics, skills training

ADNOC and Gecko Robotics have expanded their strategic partnership with three new agreements to explore deploying robotics and artificial intelligence (AI) across ADNOC’s operations and boosting future skills training for UAE nationals.
ADIPEC 2025 kicks off in Abu Dhabi with record global presence

ADIPEC 2025 has kicked off on Monday at ADNEC Centre Abu Dhabi, bringing together leading figures from the global energy sector.
Maktoum bin Mohammed chairs Board meeting of Federal Tax Authority

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Chairman of the Board of the Federal Tax Authority (FTA), chaired the latest FTA Board meeting, during which he reviewed development projects.
UAE’s first AI-designed business complex launched in Sharjah

Al Marwan Developments has launched its pioneering project, “District 11”, the UAE’s first smart work resort designed using artificial intelligence, setting a new benchmark for urban innovation and economic vitality in Sharjah and the wider UAE.