Pakistan govt raises policy interest rate by 200 bps for IMF bailout
1 year, 9 months ago

Pakistan govt raises policy interest rate by 200 bps for IMF bailout

Live Mint  

Pakistan's government has agreed to increase the policy interest rate by 2% or 200 basis points to meet another condition set by the International Monetary Fund to unlock USD 1.1 billion of the bailout package. Amid an unprecedented economic crisis in the country, Pakistan Prime Minister Shehbaz Sharif instructed the Ministry of Foreign Affairs to cut the number of foreign missions as part of austerity measures. "The prime minister is pleased to direct that a well-considered proposal/ plan in this respect may please be submitted to this office within two weeks positively," a directive issued by the PM Office reads. The official communication titled "Rationalisation of Foreign Mission Abroad" states that in view of the ongoing economic constraints and the consequent need for fiscal consolidation and control of external deficit, the prime minister was pleased to constitute a National Austerity Committee.

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