The International Monetary Fund (IMF) and Pakistan reached a deal on July 12, 2024, for a $7 billion loan program that will last for 37 months. The main goal of this Extended Fund Facility program is to help Pakistan, a country that has had a lot of economic problems, become more stable and grow in a way that benefits everyone.
Pakistan’s economy has been unstable in the past, which is why it has needed 22 IMF bailouts since 1958. Pakistan is still the IMF’s fifth-biggest customer, with $6.28 billion in loans still due as of mid-July 2023.
