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7mo ago

Pakistan Cuts 150,000 Government Jobs to Secure $7 Billion IMF Loan

The country will also close six ministries and merge two others as part of the financial reforms required by the International Monetary Fund.

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Pakistan will eliminate 150,000 government jobs and consolidate ministries as part of IMF-required reforms for a USD 7 billion loan. The finance minister highlighted a growing economy, increased foreign reserves, and a significant rise in new taxpayers.

Overview

  • Pakistan's government announced the elimination of 150,000 jobs to comply with IMF loan conditions.
  • Six ministries will be closed and two others will be merged to reduce administrative expenditures.
  • The IMF approved a $7 billion assistance package, releasing over $1 billion as the first tranche.
  • Pakistan aims to increase its tax-to-GDP ratio and tax non-traditional sectors like agriculture and real estate.
  • The country's foreign exchange reserves have reached their highest level, and inflation has dropped to single digits.