Pakistan inks $7bn IMF bailout with big concessions; challenges lie ahead

ISLAMABAD — Pakistan’s leader is hailing a new $7 billion IMF loan as his country’s last bailout, but Islamabad was forced to make major concessions to get the deal done, including scrapping China-backed special economic zones.

The Washington-based fund’s board approved the 37-month loan on Wednesday, after an unusually long delay that had raised fears over the deal’s future, following an initial agreement in July.