Pakistan Secures $7 Billion IMF Loan Steps Towards Economic Recovery

The International Monetary Fund (IMF) has approved a $7 billion Extended Fund Facility (EFF) for Pakistan. Information Minister Attaullah Tarar announced efforts for economic recovery, noting that the government’s policies are leading to a decline in inflation and more stable prices for essential goods. The first loan tranche of $1.1 billion is expected to be released by September 30, 2024, with an interest rate under 5%.

Blast in Quetta Injures 12 Heightens Security Concerns

Tarar highlighted ongoing projects, including Google’s plans to manufacture Chromebooks in Pakistan and a Chinese company training 300,000 students. He criticized the previous government’s policies that brought the Tehreek-e-Taliban Pakistan (TTP) back, linking it to rising terrorism in Khyber Pakhtunkhwa. Pakistan’s ambassador to the UN reiterated concerns about terrorism linked to Afghanistan’s interim government, promising continued efforts against these threats.