IMF Approves $7 Billion Bailout for Pakistan with $1 Billion Immediate Disbursement

Sep 25, 2024, 09:01 PM

Pakistan has secured final approval from the International Monetary Fund (IMF) for a $7 billion bailout package. The IMF's executive board approved the 37-month Extended Fund Facility (EFF) arrangement, with an immediate disbursement of $1 billion. This funding is crucial for Pakistan to sustain its economic recovery amid ongoing vulnerabilities and structural challenges. Prime Minister Sharif expressed satisfaction and welcomed the agreement, which marks Pakistan's 24th bailout from the IMF since 1958. Bloomberg News reported that the approval comes more than two months after the two sides reached an agreement.