Pakistan has secured a $7 billion bailout package from the IMF, its 24th such rescue. The deal comes with harsh conditions including job cuts, ministry closures, and tax hikes, which are likely to be unpopular. Despite the government’s optimism, the bailout’s success hinges on Pakistan’s commitment to reforms and ability to implement them.
The International Monetary Fund (IMF) has approved a $7 billion loan for Pakistan, aiming to bolster its struggling economy. This three-year loan program comes with stringent conditions requiring Pakistan to implement significant reforms, including expanding its tax base and addressing its energy sector crisis, to ensure long-term economic stability. The IMF highlighted the country’s progress in recent months but emphasized the need for continued reforms to overcome its deep-rooted economic vulnerabilities.
India’s Commerce Secretary urged African countries to unite in calling for reforms at the World Trade Organization (WTO), emphasizing the need for a unified approach to address key issues like food security, technology transfer, and industrial policy. India also announced plans to expand trade with Africa, including new free trade agreements and the sharing of its logistics infrastructure programs to improve multimodal connectivity.
Top Chinese officials will gather in Beijing for the third plenum to discuss economic policy changes needed to revive the country’s economic growth. The meeting comes amidst a real-estate debt crisis, weakening consumption, and an ageing population. Experts anticipate modest policy tweaks focusing on high-tech manufacturing and housing support, but hope for more significant reforms to address the challenges.
Pakistan has secured a $7 billion loan from the International Monetary Fund (IMF) to stabilize its faltering economy. The agreement comes with stringent conditions, including tax hikes and fiscal reforms, that are likely to be unpopular with the public. While the government claims this will be its last IMF bailout, analysts remain skeptical about the long-term impact of these measures.
