IMF gives Pakistan bailout, but demands central bank freedom

The International Monetary Fund
Photo: Henrik Gschwindt de Gyor/IMF

The International Monetary Fund approved a major bailout for Pakistan on condition that the government would give the central bank more autonomy and bring in flexible exchange rates.

The IMF’s executive board announced on July 3 that it had agreed an extended fund facility of 4,268 million in special drawing rights (about $6 billion) for the country.

In exchange, the IMF requested the government implement a flexible exchange rate, increase central bank independence and end monetary financing

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