Pakistan Wins IMF Board Approval for $7 Billion Bailout
- Nation to get immediate disbursement of about $1.1 billion
- Two rating agencies upgraded Pakistan in recent months
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Pakistan secured final approval to start a $7 billion loan program from the International Monetary Fund, unlocking crucial financing to sustain the nation’s recovery from a crisis.
The IMF executive board on Wednesday gave the final approval for the 37-month program, the prime minister’s office and IMF said in separate statements. The move allows for an immediate disbursement of about $1.1 billion, Pakistan State Bank governor Jameel Ahmad told reporters earlier on the day.