IMF approves much-awaited $3 billion bailout for Pakistan, saving it from defaulting on debt

By MUNIR AHMED
Associated Press

ISLAMABAD (AP) — The International Monetary Fund has approved a much-awaited $3 billion bailout for Pakistan that likely will save the nation from defaulting on its debt repayments. The IMF said Wednesday its executive board approved an agreement to release the funds over nine months 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. Sharif quickly welcomed the IMF decision as a major step forward in the government’s efforts to stabilize the economy and achieve macroeconomic stability.