Pakistan Approves Austerity Measures as Loans Dry Up | Vantage with Palki Sharma

Pakistan Approves Austerity Measures as Loans Dry Up | Vantage with Palki Sharma

Pakistan's cabinet has approved a raft of new austerity measures. 82 government departments in 6 ministries will either be abolished or merged. Islamabad also plans to scrap 150,000 vacant government jobs. This austerity drive comes as Pakistan is struggling to get loans from external sources. Traditional lenders like the IMF, China, Saudi Arabia & the UAE are hesitant about issuing new loans to Pakistan. Islamabad is now looking at $4 billion in loans from Gulf banks to cover up the shortfall.

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Pakistan | Shehbaz Sharif | Austerity | Loans | IMF | Bailout | Income Tax | International Monetary Fund | Firstpost | World News | News Live | Vantage | Palki Sharma | News

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