Pakistan and the IMF have reached a new agreement securing a $6 billion bailout for the cash-strapped country, officials said Sunday, following months of painstaking negotiations between the two sides.
According to Pakistan’s finance advisor Abdul Hafeez Sheikh the country is set to receive $6 billion from the IMF in addition to $2 to $3 billion from the World Bank and Asian Development Bank over the next three years. The abrupt resignation of Umar — one of Khan’s most powerful ministers — was particularly shocking due to his perceived role in overseeing the vital negotiations with the IMF over the long-delayed bailout.
Pakistan has had 21 bailouts since it joined the IMF in 1950. Its most recent loan was issued in 2013, worth $6.6 billion. However the influx of Gulf cash failed to reverse the economic headwinds battering Pakistan, as high fuel prices, low tax yields, and rising inflation have kept the country off balance.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US-China Tensions, Threat To World Economy – IMFThe International Monetary Fund (IMF) has alerted the global community that the fresh trade tensions between the United States (US) and China were threatening the world economy. Head of IMF, Christine Lagarde, told journalists at a conference in Paris yesterday that, “clearly the tensions between the United States and China are the threat for the […]
Source: LeadershipNGA - 🏆 4. / 77 Read more »
Boko Haram can’t pay a fat salary – Daily TrustThe Head of Humanitarian Assistance and Rehabilitation arm of the Presidential Committee on North-East Initiative (PCNI), Dr. Sidi Ali Mohammed recently raised eyebrows when he said Boko Haram fighters were better motivated than Nigerian troops on the frontline. In his presentation at the unveiling of the International Monetary Fund’s (IMF) Sub-Saharan Africa’s Economic Outlook Report …
Source: Daily Trust - 🏆 13. / 51 Read more »
Imo gets operational licenses for three more universities – Daily TrustThe National Universities Commission (NUC) has granted operational license to three new universities established by Governor...
Source: Daily Trust - 🏆 13. / 51 Read more »
20-year-old visually impaired girl gets Qatarian scholarship – Daily TrustA 20-year-old visually impaired Fatima Bala has been given a scholarship by the Qatar Charity shortly after reciting some...
Source: Daily Trust - 🏆 13. / 51 Read more »
Three students bag one-year jail sentence for attempting to stealAn Upper Area Court I, Kaswan Nama, Jos, on Friday sentenced three students to one year in prison each for attempting to steal a “roller bakery”...
Source: TheNationNews - 🏆 6. / 69 Read more »
Obaseki redeems promise, secures three-year record deal for physically challenged artiste, Razalee - Vanguard NewsGovernor of Edo State, Mr Godwin Obaseki, has secured a three-year music recording deal for physically challenged artiste, Samuel Aigbodion, also known
Source: vanguardngrnews - 🏆 5. / 75 Read more »
900,000 meters to be distributed in three years –AEDC - Premium Times NigeriaThe use of meter allows consumers to pay for only what they consume. The distribution companies also charge for only what they supply. 900,000 meters to measure our rate of consumption of darkness?. A naked man that promises cloths.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Why Buhari rejected 22 Reps Bills within three years - Vanguard NewsWITHIN a period of three years President Muhammadu Buhari has rejected 22 House of Representatives Bills citing constitutional breaches and lack of funds.
Source: vanguardngrnews - 🏆 5. / 75 Read more »
Forex: Turnover in I&E falls by 39% to $4.6bn in April - Vanguard NewsTHE volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian Forex: Turnover in I&E falls by 39% to $4.6bn in April
Source: vanguardngrnews - 🏆 5. / 75 Read more »
73-year-old Nigerian nanny gets 15-year jail for death of child she force-fed in U.SWhen you are in Rome you act like Romans act. It's painful though.
Source: MobilePunch - 🏆 8. / 63 Read more »
US-China Tensions, Threat To World Economy – IMFThe International Monetary Fund (IMF) has alerted the global community that the fresh trade tensions between the United States (US) and China were threatening the world economy. Head of IMF, Christine Lagarde, told journalists at a conference in Paris yesterday that, “clearly the tensions between the United States and China are the threat for the […]
Source: LeadershipNGA - 🏆 4. / 77 Read more »