The IMF has approved a $6bn bailout package for Pakistan after Prime Minister Imran Khan’s government unveiled an austerity budget and introduced painful reforms to secure the funding and address an economic crisis.
The bailout allows for an immediate disbursement of $1bn and should unlock about $38bn in investment from Pakistan’s international partners, the IMF said in a statement.
Mr Khan had to radically depart from his election promise of building an Islamic welfare state to stabilise the economy, which faces a balance of payments deficit caused by high imports, sluggish exports and a ballooning fiscal shortfall.
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