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Pakistan moves closer to IMF deal
BLOOMBERG – Pakistan’s race to restart a stalled International Monetary Fund loan program took a positive turn as the country made a dramatic final attempt to appease the lender less than a week before the facility ends.
After days of talks with the IMF, the South Asian nation agreed to change its budget for the next fiscal year, pledging to raise taxes and cut expenses in a bid to cut its fiscal
deficit.
The fund had earlier raised objections to Pakistan’s spending plan, saying it was insufficient to meet the conditions of the bailout.
Pakistan’s benchmark stock index close 3.4% higher in Karachi on Monday, the biggest gain in fourteen months.