WASHINGTON – The International Monetary Fund (IMF) has approved a bailout package of $6b for Pakistan.
The international lender approved the package for Pakistan in an executive meeting on Wednesday as per reports of local media.
Pakistan would be getting $1b initially after which the international lender would keep on lending money in instalments.
IMF spox took to Twitter and confirmed the development.
https://twitter.com/IMFSpokesperson/status/1146458110812405760
An IMF mission led by Ernesto Ramirez Rigo had visited Islamabad from April 29 to May 11 to discuss a bailout package, however, the final approval came today.
Pakistan is wading through an economic crisis regarding its balance of payments and is enlisting the support of allies as well as the IMF.
Saudi Arabia, China and UAE have already lent support to the Muslim-majority nation, however, IMF’s bailout package would be helpful in steering the economy back on track.
*More details to follow…
