The International Monetary Fund board decided on Wednesday to lend $7 billion to Pakistan in order to support its struggling economy. Islamabad has promised that this aid will be the last from the Washington-based organization.
In order to support Pakistan's ongoing efforts to fortify its economy and "create conditions for a stronger, more inclusive, and resilient growth," the three-year loan program "will require sound policies and reforms," the IMF stated in a statement.
The South Asian country consented to the arrangement in July in exchange for contentious measures, such as expanding its infamously tiny tax base. This was the 24th IMF payout since 1958.
After devastating monsoon floods in 2022 and decades of mismanagement, Pakistan's economy withered and political unrest brought the country dangerously close to defaulting last year.
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