IMF approves $7 billion financing deal for Pakistan | Business and Economic News

The approval comes more than two months after the international lender and Islamabad announced they had agreed on the program.

The International Monetary Fund (IMF) has approved a new $7 billion loan for cash-strapped Pakistan, officials said, more than two months after the two sides said they had reached an agreement.

Prime Minister Shehbaz Sharif welcomed in a statement on Wednesday the agreement that his team has been negotiating with the IMF since June. He thanked Kristalina Georgieva, the IMF's managing director, and her team for the approval.

Islamabad was working to implement what Sharif had previously called strict IMF conditions for completing the 37-month loan program, which the country hopes will be its last.

Sharif, speaking on the sidelines of the UN General Assembly, told Pakistani media that the country had met all the lenders' conditions, with help from China and Saudi Arabia.

Without their support, this would not have been possible, he said, without specifying what help Beijing and Riyadh provided to conclude the agreement.

Earlier this month, Pakistan's external debt stood at more than $130 billion, nearly 30 percent of which was owed to China, its closest ally and a perceived rival in the Western bloc.

The country must repay nearly $90 billion over the next three years, with the next major payment due by December.

Loan rollovers or disbursements from Pakistan's long-time allies, in addition to IMF financing, have helped the country meet its external financing needs in the past.

The government has also pledged to increase tax revenues, in line with IMF demands, despite protests in recent months by retailers and some opposition parties against the new tax regime and high electricity tariffs.

Pakistan has struggled with boom-and-bust economic cycles for decades, leading to 22 IMF bailouts since 1958. The country is currently the IMF's fifth-largest debtor, with debt of $6.28 billion as of July 11, according to lender data.

The latest economic crisis was the longest and saw Pakistan face its highest inflation in history, pushing the country to the brink of sovereign default last summer before an IMF bailout.

Inflation has since eased and rating agency Moody's upgraded Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3, citing improving macroeconomic conditions and moderately better government liquidity and external positions.

Sources 1/ https://Google.com/ 2/ https://www.aljazeera.com/news/2024/9/25/imf-approves-7bn-funding-agreement-for-pakistan The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos