IMF to loan Pakistan $6 billion over 3 years

Pakistan will get $6 billion from the IMF over the next three years to meet its foreign debt obligations as per an agreement with the IMF.

• The loan would represent the 13th bailout since the late 1980s from the IMF to Pakistan, which is facing a balance-of-payments crisis triggered by high fiscal and current-account deficits and dwindling foreign exchange reserves.
• Pakistan has agreed to some of the structural changes as part of the agreement desired by the IMF like aligning expenditure with resources, improving the functioning of loss-making state-owned enterprises, curtailing the subsidies etc.