The IMF agrees to a long-awaited bailout for Pakistan of $3 billion

By ZARAR KHAN
Associated PRess

ISLAMABAD (AP) — The International Monetary Fund has agreed to provide $3 billion to Pakistan — a long-awaited relief to bail out the impoverished country’s ailing economy. In a statement issued late Thursday, a top IMF official said the nine-month agreement must be approved by the IMF’s Executive Board, which is expected to make a final decision in mid-July. The proposed IMF package is higher than what Pakistan was expecting. Pakistan’s economy has faced several external shocks, including floods in 2022 that killed over 1,500 people and caused $30 billion in damage. The country was also hit by an international commodity price spike in the wake of Russia’s war in Ukraine. The cash-strapped government is struggling to avoid a default.