Pakistan reaches accord with IMF on $6 billion bailout
ISLAMABAD - Pakistan has reached an accord with the International Monetary Fund for a three-year, $6 billion bailout package aimed at shoring up fragile public finances and strengthening a slowing economy, officials said on Sunday.
But with inflation climbing to over 8 percent, the rupee losing a third of its value over the past year, and foreign exchange reserves barely enough to cover two months of exports, it was forced to turn to the IMF. As the bailout talks neared culmination, Khan shook up his top economic team, replacing Asad Umar with Hafeez Shaikh as finance minister and making IMF economist Reza Baqir central bank governor instead of Tariq Bajwa.
The savings should allow room for a “substantial increase” in social spending to strengthen welfare protection and boost infrastructure and human capital development, the IMF added.
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