International Monetary Fund revives Pakistan's EFF programme; approves $1.17bn bailout fund
The Hindu
The international lender approved the 7th and 8th tranche of $1.17 billion for Pakistan at an executive meeting in Washington.
Pakistan has secured a much-needed bailout package from the International Monetary Fund (IMF), which will help the cash-starved country avert an imminent default, amidst the persisting political uncertainty and the devastating floods that has displaced more than 33 million people.
Pakistan floods leave wrecked lives, half million in camps
The international lender approved the 7th and 8th tranche of $1.17 billion for Pakistan at an executive meeting in Washington on August 29.
Finance Minister Miftah Ismail said the International Monetary Fund's Board has approved the revival of Pakistan's Extended Fund Facility (EFF) programme.
"We should now be getting the 7th & 8th tranche of $1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation," tweeted Mr. Ismail, who had left no stone unturned to fulfill the hefty demands of the donor.
"The formal resumption of an IMF programme is a major step forward in our efforts to put Pakistan's economy back on track. It is the outcome of an excellent team effort. I commend Finance Minister Miftah Ismail & his team and other stakeholders for their hard work," Prime Minister Shehbaz Sharif said in a tweet.
In a statement, the IMF announced that the executive board completed the combined seventh and eighth reviews of the "extended arrangement" under the EFF for Pakistan.
An Indian woman, Himanshi Khurana, was murdered in Canada; police have identified Abdul Ghafoori as the prime suspect.
U.S. lawmakers voice concerns over the ban of Bangladesh's Awami League party ahead of upcoming elections, urging free and fair processes.
Ukrainian drone attacks on Moscow and Tula spark fires; Russia claims to have destroyed 172 drones overnight.
The US State Department said Tuesday it would deny visas to a former EU commissioner and four others, accusing them of seeking to "coerce" American social media platforms into censoring viewpoints they oppose.
Roughly 25,000 people have expressed interest in joining the Trump administration’s cadre of engineers known as Tech Force
North Korean POWs in Ukraine express hope for a new life in South Korea, thanking supporters for their encouragement.
USCIS will prioritize higher-skilled, higher-paid individuals in H-1B visa selection starting February 27, 2026, enhancing program integrity.
U.S. judge upholds Trump's $100,000 H-1B visa fee, ruling it within his immigration regulation powers despite business group challenges.
Trump's envoy to Greenland emphasizes U.S. seeks dialogue, not conquest, amid ongoing concerns over territory sovereignty and security.
Australian lawmakers approve strict gun laws and protest bans in response to a deadly antisemitic shooting in Sydney.
France's parliament passes an Emergency Bill to prevent a government shutdown, urging swift action for a 2026 budget.
Newly released Epstein files reveal multiple references to Trump, prompting a DOJ defense against sensational claims in the documents.
Venezuela's parliament criminalizes oil tanker seizures amid U.S. pressure as opposition backs Trump's policies against Maduro.