Pakistan cuts 150,000 gov't jobs, dissolves 6 ministries, merges 2 others for $7B IMF loan.

Pakistan is set to cut 150,000 government jobs, dissolve six ministries, and merge two others as part of reforms required by the International Monetary Fund (IMF) in exchange for a $7 billion loan. The IMF approved the deal and released over $1 billion as the first tranche after Pakistan committed to various fiscal measures, including reducing spending and expanding the tax base. Finance Minister Muhammad Aurangzeb stressed that these reforms must succeed for Pakistan's economic future.

September 29, 2024
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