IMF board approves $6 billion loan package for Pakistan
Updated : July 04, 2019 09:16 AM IST
Board approval will allow immediate disbursement of around $1 billion, with the remainder to be phased in over the period of the programme, subject to quarterly review, the IMF said, highlighting the need for Pakistan to agree to tough conditions for the coming three years.
Just as important as the package itself, approval will also unlock an additional $38 billion from Pakistan's international partners over the programme period.
The programme will require "decisive fiscal consolidation" and a multi-year plan to strengthen Pakistan's notoriously weak tax system as well as large scale reforms that are likely to pile pressure on the government of Prime Minister Imran Khan.
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