Current:Home > FinancePakistan says the IMF executive board approved release of $700 million of $3B bailout-Angel Dreamer Wealth Society D1 Reviews & Insights
Pakistan says the IMF executive board approved release of $700 million of $3B bailout
View Date:2025-01-14 13:03:00
ISLAMABAD (AP) — The International Monetary Fund’s executive board approved Thursday the release of $700 million of a $3 billion bailout for cash-strapped Pakistan, the finance ministry said.
The bailout is meant to enable Pakistan to emerge from one of the worst economic crises in its history.
In a statement, the ministry said the IMF executive board approved the release of the $700 million installment after a first review of Pakistan’s economic reform program.
The release of the $700 million by the IMF will bring the total disbursements under the bailout to $1.9 billion so far.
Pakistan has been facing one of the worst economic crises in its history since 2022, when climate-induced flooding killed 1,739 people and caused $30 billion in losses to its economy. The situation was worsened last year when Pakistan went to the verge of defaulting on its foreign debt repayments because of a delay in the release of a key installment from the IMF bailout.
In June 2023, the IMF approved the $3 billion loan to Pakistan after the country agreed to slash subsidies and raise taxes to comply with the bailout term. The loan had been on hold since December 2022.
The latest development comes ahead of next month’s parliamentary elections. Caretaker Prime Minister Anwaar-ul-Haq Kakar is running day-to-day affairs of the government.
veryGood! (984)
Related
- KFC sues Church's Chicken over 'original recipe' fried chicken branding
- Lose a limb or risk death? Growing numbers among Gaza’s thousands of war-wounded face hard decisions
- Is anything open on Christmas Day? Store and restaurant chains whose doors are open today.
- Major Nebraska interstate closes as jacknifed tractor trailers block snowy roadway
- Martin Scorsese on the saints, faith in filmmaking and what his next movie might be
- 1 dead, 2 seriously injured in Colorado mall shooting, police say
- Restriction on carrying guns in Omaha and Lincoln violate Nebraska law, lawsuits say
- Honda recalls 2023: Check the full list of models recalled this year
- Veterans Day restaurant deals 2024: More than 80 discounts, including free meals
- Pet food recall: Blue Ridge Beef for kittens, puppies recalled over salmonella, listeria
Ranking
- ‘I got my life back.’ Veterans with PTSD making progress thanks to service dog program
- A Turkish parliamentary committee resumes debate on Sweden’s NATO bid
- Domino's and a local Florida non-profit gave out 600 pizzas to a food desert town on Christmas Eve
- Nothing to fear with kitchen gear: 'America's Test Kitchen' guide to tools, gadgets
- Kate Spade Outlet’s Early Black Friday Sale – Get a $259 Bag for $59 & More Epic Deals Starting at $25
- Sweden moves one step closer to NATO membership after Turkish parliamentary committee gives approval
- 'The Color Purple': Biggest changes from the Broadway musical and Steven Spielberg movie
- Holiday hopes, changing traditions — People share what means the most this holiday season and for 2024
Recommendation
-
As Northeast wildfires keep igniting, is there a drought-buster in sight?
-
After a brutal stretch, a remarkable thing is happening: Cryptocurrencies are surging
-
Inside Ukraine’s covert Center 73, where clandestine missions shape the war behind the frontline
-
Toyota small car maker Daihatsu shuts down Japan factories during probe of bogus safety tests
-
Taylor Swift drops Christmas merchandise collection, including for 'Tortured Poets' era
-
Tokyo court only holds utility responsible to compensate Fukushima evacuees and reduces damages
-
Amanda Bynes Shows Off Brief Black Hair Transformation Amid New Chapter
-
'Big mistake': Packers CB Jaire Alexander crashes coin toss, nearly blows call vs. Panthers