The Pakistan government has imposed a ban on receiving double pensions from the national treasury to meet the requirements set by multilateral lenders such as the International Monetary Fund (IMF) and World Bank.
The foreign loan disbursements to Pakistan have dropped by 43 per cent, reaching USD 3.6 billion in the first five months of the current fiscal year, The Express Tribune reported on Tuesday, citing official data released on Monday.
The International Monetary Fund (IMF) is considering a return to a quarterly review process for Pakistan's USD 7 billion bailout package, following some initial setbacks. However, Pakistani officials have stated that no final decision has been made yet.
The key assumptions used to finalise Pakistan's USD 7 billion deal with the International Monetary Fund (IMF) has gone haywire within a month of its approval, leaving the authorities concerned with an option either to renegotiate the package or keep suffocating the economy through more taxes
Pakistan has recently reached a significant agreement with the International Monetary Fund (IMF) for a USD 7 billion loan, yet many citizens express frustration over the country's persistent economic struggles.
Pakistan must overhaul its economic foundation to break free from repeated IMF bailouts, according to Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, who stressed that the recently approved 37-month Extended Fund Facility (EFF) should be the country's last.
Union Defence Minister Rajnath Singh on Sunday said that Pakistan has asked the International Monetary Fund (IMF) for a seven billion dollar bailout package, and Prime Minister Narendra Modi has given more than this in the PF package for J&K.
According to a recent study by Pulse Consultant, of those currently struggling to make ends meet, 60 per cent have had to cut back on essential expenses, including groceries, while 40 per cent have resorted to borrowing money from their acquaintances.
A report by the Pakistan Federal Ministry of Economic Affairs disclosed that the previous government led by the Pakistan Peoples Party has borrowed the maximum from International Monetary Fund (IMF), with a loan of over USD 7.72, The Express Tribune reported.
There is widespread anger in Pakistan towards the government over the significant tax hikes that the authorities have levied to boost state revenues with an aim to achieve approval for an International Monetary Fund's (IMF) bailout to prevent another economic crisis in Pakistan.
The party, making a sharp attack at the Pakistan Muslim League-Nawaz (PML-N)-led government, termed the Finance Bill 2025 presented by it in the National Assembly as a "poisonous budget" and a "bundle of contradictions", according to Geo News.