Pakistan says it has met all of the IMF’s conditions to secure a new $7 billion loan

ISLAMABAD (AP) — Pakistan’s leader says the country has met all the conditions set by the International Monetary Fund to qualify for a new $7 billion loan to help prop up its economy. Prime Minister Shehbaz Sharif at a Cabinet meeting Thursday praised his finance team and other advisers for complying with the requirements. The IMF is expected to sign a formal approval on Sept. 25. The IMF had asked Pakistan to broaden its tax base and eliminate energy subsidies, a demand Sharif’s government has implemented, raising concerns among Pakistanis who say they are unable to pay high energy bills. Pakistan is facing one of its worst economic crises and Sharif has expressed hope the country can reduce its reliance on foreign loans.