Pakistan will receive about $1.32 billion after the International Monetary Fund Board approved loan tranches under existing facilities, boosting the country's ability to shield its economy from increased global risks.
It is set to receive about $1.1 billion under the lender's so-called Extended Fund Facility, and about $220 million under the climate-focused Resilience and Sustainability Facility, the IMF said in a statementBloomberg Terminal Friday.
"Pakistan's policy efforts under the EFF arrangement have delivered significant progress in stabilizing the economy and rebuilding confidence amid a challenging global environment, including the ongoing Middle East war," the IMF said in the statement.
Pakistan's economy has come under pressure from a surge in the cost of oil, prompting the central bank to hike rates in a surprise move to fend off price pressures. The country maneuvered a hit to its already fragile foreign reserves after Saudi Arabia pledged $3 billion in financial assistance while the United Arab Emirates sought debt repayments of a similar size.
The US Justice Department will ask the Supreme Court to let it intervene in President Donald Trump's appeal of the $83.3 million jury verdict against him in a defamation suit brought by former Elle magazine advice columnist E. Jean Carroll.
The government will ask the high court justices to substitute the US for Trump in the case because the president was acting as a government employee when he denied Carroll's sexual-assault claims in 2019, Assistant US Attorney General Brett Shumate said in a filing late Tuesday with the federal appeals court in Manhattan.
The appeals court last month declined Trump's request to reconsider a ruling affirming the jury verdict, pushing the case closer to a Supreme Court showdown.
Substituting the US for Trump -- allowed under the Westfall Act of 1988 -- would result in the suit being dismissed because the US can't be sued for defamation. A panel of appeals court judges previously denied the government's request to invoke the Westfall Act in the case.
The verdict is one of several New York cases that Trump is seeking to reverse after retaking the White House in the 2024 election. He's also challenging a judge's civil fraud decision over his asset valuations and a jury verdict against him a criminal case over hush money payments to an adult-film star.
Carroll alleges Trump sexually assaulted her in the 1990s and then defamed her by calling her a liar when she went public with the claim in 2019. Trump is separately appealing a $5 million jury verdict against him in a sexual-abuse lawsuit brought by Carroll. The Supreme Court may decide in the coming weeks whether to hear Trump's appeal of the sexual-abuse verdict.
The president denies wrongdoing in both cases.
A representative for Carroll's legal team declined to comment.
Trump's legal team on Tuesday also asked the appeals court to pause its judgment affirming the verdict, to allow time for the president's Supreme Court challenge. Carroll doesn't oppose the request but argues Trump should increase his appeal bond by nearly $7.5 million to cover post-judgment interest that would accrue on the verdict during any Supreme Court proceedings through October 2027, according to Trump's filing.
If approved, that would bring Trump's appeal bond in the Carroll case to nearly $100 million.
Trump has said he will petition the high court justices to consider his case, though his petition hasn't been filed yet.