Aid Arrives for Flood-Hit Pakistan #shorts

More international aid reached Pakistan Wednesday, as military personnel and volunteers desperately tried to evacuate thousands stranded by monsoon-driven flooding. The executive board of the International Monetary Fund on Monday approved almost $1.2 billion for Pakistan, providing much-needed relief as the country grapples with an economic crisis worsened by massive floods. "Pakistan's economy has been buffeted by adverse external conditions, due to spillovers from the war in Ukraine, and domestic challenges," Antoinette Sayeh, IMF deputy managing director and acting chair, said in a statement. Criticizing government policies that caused “uneven and unbalanced growth,” Sayeh stressed Pakistan must implement “corrective policies and reforms” to regain economic stability, and inclusive and sustainable growth. The loan approval comes as Pakistan's foreign exchange reserves stand at a mere $13.5 billion, as of August 19 according to the State Bank of Pakistan. Weekly inflation touched 45% in August, according to government data, with prices of food and fuel skyrocketing. Announcing the board's decision on Twitter, Miftah Ismail, Pakistan's finance minister, congratulated the nation and thanked Prime Minister Shahbaz Sharif, "for taking so many tough decisions and saving Pakistan from default." The $1.17 billion is part of a $6 billion loan program agreed upon in 2019. » Subscribe to VOA News: » Watch more VOA News video: Voice of America (VOA) is the largest U.S. international broadcaster, providing news and information in more than 40 languages to an estimated weekly audience of 236.8 million people. VOA produces content for digital, television, and radio platforms. It is easily accessed via your mobile phone and on social media. It is also distributed by satellite, cable, FM and MW, and is carried on a network of approximately 3,000 affiliate stations. Since its creation in 1942, Voice of America has been committed to providing comprehensive coverage of the news and telling audiences the truth. Through World War II, the Cold War, the fight against global terrorism, and the struggle for freedom around the globe today, VOA exemplifies the principles of a free press. Connect with VOA News: » VISIT OUR WEBSITE: » LIKE OUR FACEBOOK PAGE: » FOLLOW US ON INSTAGRAM: » FOLLOW US ON TWITTER:


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