
-
With tariff war, Trump also reshapes how US treats allies
-
Fernandez fires Chelsea into fourth as pressure mounts on Postecoglou
-
South Korea court to decide impeached president's fate
-
Penguin memes take flight after Trump tariffs remote island
-
E.T., no home: Original model of movie alien doesn't sell at auction
-
Italy's Brignone has surgery on broken leg with Winter Olympics looming
-
Trump defiant as tariffs send world markets into panic
-
City officials vote to repair roof on home of MLB Rays
-
Rockets forward Brooks gets one-game NBA ban for technicals
-
Pentagon watchdog to probe defense chief over Signal chat row
-
US tariffs could push up inflation, slow growth: Fed official
-
New Bruce Springsteen music set for June 27 release
-
Tom Cruise pays tribute to Val Kilmer
-
Mexico president welcomes being left off Trump's tariffs list
-
Zuckerberg repeats Trump visits in bid to settle antitrust case
-
US fencer disqualified for not facing transgender rival
-
'Everyone worried' by Trump tariffs in France's champagne region
-
Italy's Brignone suffers broken leg with Winter Olympics looming
-
Iyer blitz powers Kolkata to big IPL win over Hyderabad
-
Russian soprano Netrebko to return to London's Royal Opera House
-
French creche worker gets 25 years for killing baby with drain cleaner
-
UK avoids worst US tariffs post-Brexit, but no celebrations
-
Canada imposing 25% tariff on some US auto imports
-
Ruud wants 'fair share' of Grand Slam revenue for players
-
Lesotho, Africa's 'kingdom in the sky' jolted by Trump
-
Trump's trade math baffles economists
-
Gaza heritage and destruction on display in Paris
-
'Unprecedented crisis' in Africa healthcare: report
-
Pogacar gunning for blood and thunder in Tour of Flanders
-
Macron calls for suspension of investment in US until tariffs clarified
-
Wall St leads rout as world reels from Trump tariffs
-
Mullins gets perfect National boost with remarkable four-timer
-
Trump tariffs hammer global stocks, dollar and oil
-
Authors hold London protest against Meta for 'stealing' work to train AI
-
Tate Modern gifted 'extraordinary' work by US artist Joan Mitchell
-
Mexico president welcomes being left off Trump's new tariffs list
-
Tonali eager to lead Newcastle back into Champions League
-
Lesotho hardest hit as new US tariffs rattle Africa
-
Stellantis pausing some Canada, Mexico production over Trump auto tariffs
-
Rising odds asteroid that briefly threatened Earth will hit Moon
-
Italy reels from Brignone broken leg with Winter Olympics looming
-
Is the Switch 2 worth the price? Reviews are mixed
-
Ancelotti’s tax trial wraps up in Spain with prosecutors seeking jail
-
Civilians act to bring aid to Myanmar earthquake victims
-
US trade gap narrows in February ahead of bulk of Trump tariffs
-
Stocks, dollar and oil sink as gold hits high on Trump tariffs
-
Countries eye trade talks as Trump tariff blitz roils markets
-
Arsenal defender Gabriel out for rest of the season
-
Trump says US to emerge 'stronger' as markets tumble over tariffs
-
Wiegman says Belgium games can aid England's women's Euros title defence

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