Pakistan Secures $7 Billion, 37-Month Loan Deal with IMF

Jul 12, 2024, 11:10 PM

Pakistan has reached a new $7 billion loan agreement with the International Monetary Fund (IMF). The deal, which includes a staff-level agreement, is designed to provide financial support over a 37-month period through an Extended Fund Facility (EFF) amounting to SDR 5,320 million. This agreement aims to help Prime Minister Shehbaz Sharif's government stabilize the country's faltering economy and manage its mounting debts. The new loan follows the final $1.1 billion tranche of a previous $3 billion bailout.