Pakistan reaches new $7 billion loan deal with IMF

Pakistan has reached an agreement for a new $7 billion loan deal with the International Monetary Fund. It’s the global lender’s latest bailout to help the cash-strapped country of 240 million people. A statement issued Friday by the IMF says the loan will last for 37 months. Its aims include strengthening fiscal and monetary policy as well as reforms to broaden the tax base, improve the management of state-owned enterprises, strengthen competition, secure a level playing field for investment, enhance human capital, and scale up social protection through increased generosity and coverage in a major welfare program,