Pakistan Gets Initial IMF Approval for $1.2 Billion of Loans

Pakistan reached an initial agreement with the International Monetary Fund to unlock about $1.2 billion from a $7 billion bailout program, as geopolitical risks from the conflict in the Middle East threaten to upend its economic recovery.

The South Asian country is set to have access to about $1 billion under the global lender’s so-called Extended Fund Facility, and about $210 million under the climate-focused Resilience and Sustainability Facility, the IMF said in a statement late Friday. The loan disbursement is subject to approval by the IMF Executive Board.