Pakistan Secures New $7 Billion Loan Program From IMF
- Prime Minister Sharif has pushed reforms to meet IMF demands
- Targets include raising tax-to-GDP ratio, higher revenues
Prime Minister Shehbaz Sharif
Photographer: Arif Ali/AFP/Getty Images
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Pakistan reached a new $7 billion loan deal with the International Monetary Fund, offering breathing room for new Prime Minister Shehbaz Sharif’s government to shore up a faltering economy and manage its mounting debts.
To secure the new IMF loan, announced Friday, Sharif’s government forced through a series of unpopular reforms, including record-high taxes and increased energy prices, to meet IMF conditions, standard practice that has often triggered public backlash.