Pakistan credits China for IMF’s $7 billion relief; braces for ‘transitional pain’

Pakistan has advised its citizens to brace for ‘transitional pain’ following the IMF’s approval of a $7 billion relief package with an immediate disbursement of $1 billion. Supported by China, the deal necessitates structural reforms such as reducing power subsidies and expanding the tax base. Pakistan’s debt surpasses $250 billion.