Current:Home > BackPakistan says the IMF executive board approved release of $700 million of $3B bailout-InfoLens
Pakistan says the IMF executive board approved release of $700 million of $3B bailout
View Date:2024-12-23 17:12:45
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! (7)
Related
- Why Suits' Gabriel Macht Needed Time Away From Harvey Specter After Finale
- Political divisions stall proposed gun policies in Pennsylvania, where assassin took aim at Trump
- Laneige Is 30% Off Post-Prime Day in Case You Missed Picks From Alix Earle, Sydney Sweeney & More Celebs
- Trump says he'll end the inflation nightmare. Economists say Trumponomics could drive up prices.
- Old Navy's Early Black Friday Deals Start at $1.97 -- Get Holiday-Ready Sweaters, Skirts, Puffers & More
- US flexed its muscles through technology and innovation at 1984 Olympics in Los Angeles
- British Open 2024: Second round highlights, Shane Lowry atop leaderboard for golf major
- Detroit’s giant slide is back. There will probably be fewer bruises this time
- Timothée Chalamet Details How He Transformed Into Bob Dylan for Movie
- What to watch: Glen Powell's latest is a real disaster
Ranking
- 4 charged in Detroit street shooting that left 2 dead, 5 wounded
- Shane Lowry keeps calm and carries British Open lead at Troon
- Kylie Kelce Shares Past Miscarriage Story While Addressing Insensitive Pregnancy Speculation
- Reggie Miller praises Knicks' offseason, asks fans to 'pause' Bronny James hate
- 'I heard it and felt it': Chemical facility explosion leaves 11 hospitalized in Louisville
- American Airlines has a contract deal with flight attendants, and President Biden is happy about it
- Trump pays tribute to Pennsylvania firefighter killed in rally shooting
- RHOBH's Kyle Richards Seemingly Reacts to Mauricio Umansky Kissing New Woman
Recommendation
-
Atmospheric river to bring heavy snow, rain to Northwest this week
-
Watch Ryan Reynolds React to Joke That He's Bad at Sex
-
North Carolina governor’s chief of staff is leaving, and will be replaced by another longtime aide
-
2 senior House Democrats believe Biden could leave 2024 race in days
-
Get Your Home Holiday-Ready & Decluttered With These Storage Solutions Starting at $14
-
RHOC's Tamra Reveals How John's Relationship With Alexis Is Different Than Ex Shannon
-
Yankees honor late AP photojournalist Kathy Willens with moment of silence before game vs. Rays
-
To test the Lotus Emira V-6, we first battled British build quality