Pakistani economic crisis

The International Monetary Fund (IMF) agreed to loan Pakistan $7 billion to bolster its faltering economy, approving a relief package the government said would not have been possible without the support of China.

Pedestrians walk on the newly built walkways in Addis Ababa, Ethiopia, on July 27, 2024.

The IMF executive board approved a new four-year loan program for Ethiopia on Monday worth around $3.4 billion in order to help support its economic reform agenda.

Pakistan could get temporary relief for its ballooning foreign debt with a new stand-by arrangement worth $3 billion announced by the International Monetary Fund (IMF) in Washington on June 30.

The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political chaos have scared off potential foreign investment.