IMF and Pakistan agree on $3 billion deal

Pakistan has reached a preliminary agreement with the International Monetary Fund (IMF) for a $3 billion loan, subject to approval by the IMF's executive board. The deal aims to stabilize Pakistan's struggling economy, provide access to US dollar funding, and reduce the risk of default. The country has faced economic challenges, including stagnant growth and high inflation, exacerbated by catastrophic floods and political turmoil. The loan agreement comes after efforts to secure funding were complicated by corruption charges against former Prime Minister Imran Khan. The economic crisis has led to widespread poverty, hunger, and rising prices, affecting both the poor and middle-class citizens. Pakistani authorities have implemented measures such as tax increases and spending cuts in preparation for the bailout. Without the loan, Pakistan was at risk of default due to dwindling foreign exchange reserves.