IMF okays $6bn package to ‘foster strong growth’

WASHINGTON: The Executive Board of the International Monetary Fund (IMF) on Wednesday approved a $6 billion bailout package for Pakistan and immediately released $1bn to ease a sustained pressure on the country’s foreign exchange reserves.

Read: Pakistan reaches agreement with IMF, to receive $6 billion over 3 years

The package, which supports the government’s efforts to revive the country’s ailing economy, includes a phased release of the additional aid over a 39-month period. The IMF will also conduct quarterly review of Pakistan’s performance over this period.

“IMF Executive Board approved today a three-year US$6 billion loan to support Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living,” IMF spokesperson Gerry Rice said on Twitter