The International Monetary Fund (IMF) on July 12 approved a much-awaited $3 billion bailout for Pakistan, the global lender said, a move that's likely to save the impoverished Islamic state from defaulting on its debt repayments. The IMF said its executive board approved an agreement to release the funds over a nine-month period to support Pakistan's economic stabilization program. The announcement comes less than two weeks after Pakistan and the IMF agreed to the plan following a series of meetings with Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar, and other officials.
IMF Approves Much-Awaited $3 Billion Bailout For Pakistan, Saving It From Default
Pakistani Prime Minister Shehbaz Sharif (right) meets Kristalina Georgieva, managing director of the International Monetary Fund, in June.