The International Monetary Fund approved a much-awaited $3 billion bailout for Pakistan, the global lender said, a move that's likely to save the impoverished Islamic nation from defaulting on its debt repayments.
Schools in New Delhi have closed after heavy monsoon rains battered the Indian capital, caused landslides and flash floods in the country’s north and killed at least 15 people over the last three days.
“The arrangement comes at a challenging economic juncture for Pakistan. A difficult external environment, devastating floods, and policy missteps have led to large fiscal and external deficits, rising inflation, and eroded reserve buffers” in the fiscal year 2023, the IMF said in a statement. Sharif quickly welcomed the IMF decision, saying it was a amajor step forward in the government’s efforts to stabilize the economy and achieve macroeconomic stability.
“It bolsters Pakistan’s economic position to overcome immediate to medium-term economic challenges, giving the next government the fiscal space to chart the way forward,” he said in a tweet. “This milestone, which was achieved against the heaviest of odds & against seemingly impossible deadline, could not have been possible without excellent team effort.”
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