Pakistan to get $6bn IMF lifeline to ease economic crisis

Pakistan has secured a $6bn ($4.6bn) bailout from the International Monetary Fund (IMF) as the country battles to stave off an economic crisis.

The funding, which still needs approval from the IMF’s management, would be provided over three years.

The agreement comes after months of negotiations and marks the latest in a string of bailouts from the fund.

Pakistan has faced an economic crisis with short supplies of foreign currency reserves and stagnating growth.

In a statement, the IMF said Pakistan faces a “challenging economic environment, with lacklustre growth, elevated inflation, high indebtedness, and a weak external position”…….read more

Source: BBC

Photo credit: Getty Images