Pakistan says the IMF executive board approved release of $700 million of $3B bailout

ISLAMABAD (AP) — Pakistan’s finance ministry says the International Monetary Fund’s executive board has approved the release of $700 million of a $3 billion bailout for cash-strapped Pakistan. The bailout is meant to enable Pakistan to emerge from one of the worst economic crises in its history. In a statement, the ministry said Thursday the IMF executive board approved the release of the $700 million installment after a first review of Pakistan’s economic reform program. The release of the $700 million will bring the total disbursements under the bailout to $1.9 billion so far. Pakistan and the IMF signed the $3 billion bailout deal last year.