International monetary fund

A week after the International Monetary Fund (IMF) approved $1 billion for Pakistan under the Extended Fund Facility (EFF), the lending body has imposed 11 new conditions on the country.

The USPTO accused Abtach in 2021 of systematically defrauding applicants by overcharging filing fees, altering official documents and impersonating the US agency. The US authorities banned Abtach after the nexus was exposed. Soon after, Abtach rebranded itself as Intersys Limited. The Karachi address, however, was not changed.

Congress MP Jairam Ramesh accused the Modi government of 'chickening out' at the IMF and failing to vote against Pakistan's loan request.

The general manager of the bank, Giriraj Mishra, who was overseeing the deal, was suspended in December 2024 following internal objections and the refusal of Executive Director Nitesh Ranjan to ratify the expenditure.

Under the bailout deal, the IMF also got Pakistan to raise USD 1.34 billion in new taxation to meet fiscal adjustments

The current account deficit is anticipated to improve to 1.8 per cent of GDP in FY2023/24, supported by resilient services exports and lower oil import costs.

The contentious claim that Bangladesh has overtaken India in terms of GDP per capita has also been revised by IMF.

Georgieva said the steps taken by the Modi government on the monetary policy and the fiscal policy side is commendable. It is actually slightly above the average for emerging markets, she added.

Noting the severe effects of lockdown on Indian economy, the World Bank said that India needed to continue with critical reforms to reverse the sudden effects of the pandemic.