{"id":55845,"date":"2023-02-10T14:36:29","date_gmt":"2023-02-10T19:36:29","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/imf-delays-6-billion-bailout-for-cash-strapped-pakistan-55845"},"modified":"2023-02-10T14:36:29","modified_gmt":"2023-02-10T19:36:29","slug":"imf-delays-6-billion-bailout-for-cash-strapped-pakistan","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/imf-delays-6-billion-bailout-for-cash-strapped-pakistan-55845","title":{"rendered":"IMF delays $6 billion bailout for cash-strapped Pakistan"},"content":{"rendered":"
\n

The International Monetary Fund delayed a $6 billion bailout<\/a> for cash-strapped Pakistan over its failure to meet the terms of a previous deal, officials said Friday, as the country struggled with a worsening economic crisis and a deadly wave of violence.<\/p>\n

Pakistani officials said progress had been made toward reviving the bailout<\/a>. A critical part of the loan, $1.1 billion, has been on hold since December as officials reviewed the country’s compliance with a 2019 agreement.<\/p>\n

The stall reflects Pakistan’s struggle for economic stability<\/a> after summertime floods killed 1,739 people, destroyed 2 million homes and caused $30 billion in damage. The impoverished country also has been hit by a wave of violence, including a mosque bombing last month in Peshawar that killed 101 people.<\/p>\n

Analysts say the revival of the IMF\u2019s bailout will help Pakistan because a release of the next installment of loans could encourage other international financial institutions to help the Islamic nation.<\/p>\n

Prime Minister Shahbaz Sharif blames his predecessor, Imran Khan, now the opposition leader, for violating the terms of the 2019 agreement. Khan was ousted through a no-confidence vote in the parliament in April.<\/p>\n

BOMB IN SOUTHWEST PAKISTAN KILLS SOLDIER, INJURES 11 PEOPLE<\/strong><\/a><\/p>\n

Pakistan wants to avoid defaulting, but it’s struggling under depleting foreign exchange reserves<\/a>, which have fallen to below $3 billion. Analysts say that’s enough only to pay for imports for the next two weeks.<\/p>\n

The IMF said in a statement that “virtual discussions will continue in the coming days” to make progress on the deal.<\/p>\n

The fund has given new instructions to Pakistan to raise and collect taxes, as well as slash subsidies without burdening poor people<\/a>, government officials said.<\/p>\n

Sharif last week warned that Pakistan would have difficulty complying with the IMF\u2019s conditions.<\/p>\n

On Friday, Pakistani Finance Minister Ishaq Dar said Pakistan will impose additional taxes of 170 billion rupees and slash subsidies to meet the deal’s terms.<\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/world\/imf-delays-6-billion-bailout-cash-strapped-pakistan <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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