Skip to comments.Pakistan, IMF agree to $5.3 billion bailout [more Jizya to pay down the 2007 Jizya]
Posted on 07/04/2013 8:47:57 AM PDT by Antioch
Pakistan and the International Monetary Fund have reached an initial agreement on a bailout of at least $5.3 billion to stave off an economic crisis as the country's foreign reserves dip perilously low, officials said Thursday. The announcement should help calm fears of financial instability in Pakistan, a nuclear-armed nation of 180 million people that Washington is relying on to combat Islamic militants and negotiate an end to the war in neighboring Afghanistan. The agreement comes less than six years after Pakistan's last IMF bailout, and the driving need for the money this time around was to repay the institution billions of dollars that Islamabad still owes. Pakistan's previous government failed to implement many of the requirements of the last loan, including reducing the deficit and improving tax collection. That left the new government, which took over at the beginning of June, with the difficult task of convincing the IMF that this time would be different.
(Excerpt) Read more at finance.yahoo.com ...
Thousands of Millions of dollars. For what purpose?