The International Monetary Fund (IMF) has approved a US6.7 billion loan for Pakistan amid a continuing economic crisis in the country. The loan will be paid out over three years, beginning with the release of US$540 million, but comes with strings attached.
The government must enact reforms to increase growth, bring down the budget deficit and improve the rate of tax collection. Pakistan already owes the IMF nearly US$5 billion after earlier loans. It last received an IMF bailout six years ago, but the government then in power failed to push through the necessary reforms
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