
-
Beijing consumers mull spending habits as tariffs kick in
-
Trump's steep tariffs trigger fresh market panic
-
India readies for US extradition of Mumbai attacks suspect
-
Thailand revokes visa of US academic charged with royal insult
-
Voeller extends Germany role until Euro 2028
-
Villa's Emiliano Martinez winds up PSG with cap
-
Hostage families fear outcome of intense Israeli strikes on Gaza
-
China seeks to 'tariff-proof' economy as trade war with US deepens
-
Some US consumers in 'survival mode' as Trump tariffs arrive
-
Japan to sell more rice reserves as prices soar
-
US takes aim at Zuckerberg's social media kingdom
-
US Pentagon chief says will not let China 'threaten' Panama Canal
-
Vietnam, Spain pledge to upgrade ties after tariff shock
-
'Some innings': Arya's 39-ball ton thrusts him into IPL spotlight
-
India central bank cuts interest rates as Trump tariffs kick in
-
Taiwan exporters count the cost of Trump's 'ridiculous' tariffs
-
Injury-time goal gives Brazil first win over US women since 2014
-
Japan badminton ace Shida blasts 'stalker' Chinese fans
-
Ekitike has Frankfurt dreaming of Europa League repeat
-
Trump's new tariffs take effect, with 104% on Chinese goods
-
Shai scores 42, Doncic ejected as Thunder down Lakers
-
Nepal royalists seek return of king
-
Man Utd reliant on Europa League with season on life support
-
Kim Jong Un's sister says North Korea denuclearisation is a 'daydream'
-
Trump tariffs leave Italy's luxury furniture makers sitting uncomfortably
-
EU plan to end Russian fertiliser imports unsettles farmers
-
Equities resume selloff as Trump cranks up trade war
-
Inside Europe's last 'open-outcry' trading floor
-
Trumps presses on with 104% tariffs on China
-
AI tool aims to help conserve Japan's cherry trees
-
The Metals Company courts Trump for deep-sea mining contract
-
Indonesia president says ready to temporarily shelter Gazans
-
Musk brands Trump aide 'dumber than a sack of bricks' in tariff spat
-
Author of explosive Meta memoir to star at US Senate hearing
-
UK to host Europe's first Universal theme park
-
'It's beautiful': Arteta hails Rice free-kick magic as Arsenal stun Real
-
Argentine Congress backs inquiry into Milei crypto scandal
-
US will not let China disrupt Panama Canal: Pentagon chief
-
Judge orders White House to restore AP access
-
Shaken Real Madrid insist Arsenal comeback possible
-
Bayern 'fully believe' despite Inter setback, says Kompany
-
Inter 'showed what we were made of' against Bayern, says Martinez
-
US stocks fall again as global rally fizzles
-
Milan's England defender Walker has surgery on broken elbow
-
Judge orders White House to lift restrictions on AP access
-
Free-kick hero Rice revels in Arsenal's 'special' win over Real
-
'Totally new': Scheffler readies for Masters defense
-
Stuffy nose and steak knife join Scheffler's list of Masters tests
-
Late Frattesi strike gives Inter edge over Bayern in Champions League
-
Arsenal stun Real Madrid as Rice delivers free-kick masterclass

IMF approves revival of massive Pakistan loan programme
The IMF has approved an agreement to revive a massive loan programme for Pakistan, the finance minister said Monday, as the country grapples with devastating monsoon flooding that has worsened an economic crisis.
"We should now be getting the 7th & 8th tranche of $1.17 billion," Miftah Ismail said on Twitter.
The original $6-billion bailout package with the International Monetary Fund was signed by former prime minister Imran Khan in 2019, but repeatedly stalled when his government reneged on agreed reforms on subsidies and failed to significantly improve tax collection.
The new agreement follows months of deeply unpopular belt-tightening by the government of Shehbaz Sharif, who took power in April and has effectively eliminated fuel subsidies and introduced new measures to broaden the tax base.
The government reached an agreement with IMF staff last month to restart the suspended aid package.
The board of the Washington-based crisis lender also was considering a request to extend the package through June 2023 and add about $1 billion to the total.
The IMF had not yet issued a statement on its decision.
The latest disbursement would bring the total received under the Extended Fund Facility from the IMF to just over $4 billion.
- Desperate for aid -
Pakistan is desperate for international support for its economy, which suffers from poor revenue collection and dwindling foreign reserves to pay its crippling debt.
The new government has slashed a raft of subsidies to meet the demands of global financial institutions but risks the wrath of an electorate already struggling under the weight of double-digit inflation.
A new coalition government -- which came to power after Khan was ousted by a parliamentary no-confidence vote -- has said it will make the tough decisions needed to turn the economy around.
Successive administrations blame their predecessors for the country's economic woes, but analysts say the malaise stems from decades of poor management and a failure to tackle endemic corruption and widespread tax avoidance.
In a bid to secure the IMF loan, Sharif has imposed three fuel price hikes -- cumulatively totalling 50 percent -- and raised the cost of electricity to effectively end the subsidies introduced by Khan.
Ismail told the national assembly last month that the steps were "essential" to preserve the country from default.
"We knew it would damage our political reputation, but still we did it," he said.
The latest budget has earmarked 3.95 trillion rupees ($18.8 billion) just to service the country's whopping debt of $128 billion.
Under the deal agreed with the IMF last month, policy priorities included steadfast implementation of the budget to reduce the need to borrow.
Pakistan also agreed to continue power sector reforms, introduce a proactive monetary policy to tackle inflation, strengthen governance, combat corruption and improve the social security net.
But the IMF warned that authorities should stand ready to take any additional measures necessary.
S.Keller--BTB