The IMF has approved a $7 billion bailout for Pakistan to stabilize its economy. The program lasts 37 months, with the first $1.1 billion installment set for release by September 30.
The loan, at an interest rate of under 5%, is considered manageable by the Ministry of Finance. The IMF Executive Board approved the package during a meeting focused on Pakistan’s financial issues.
As part of the deal, Pakistan has pledged to implement key reforms, including expanding its tax base to increase contributions from individuals and businesses.