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Pakistan Plans Austerity in Budget After Winning IMF Bailout

A roadside money changer sits outside a Habib Bank Ltd. branch in Karachi, Pakistan.

A roadside money changer sits outside a Habib Bank Ltd. branch in Karachi, Pakistan.

Photographer: Asim Hafeez/Bloomberg

Pakistan will introduce measures to tighten expenses in its annual budget for the next fiscal year, after the nation averted an economic crisis.

The next budget will be based on austerity, Finance Adviser Abdul Hafeez Shaikh told reporters Saturday, referring to the spending plan for the year beginning July. The government targets to cap flow of circular debt in the power sector by 2020, he added.