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LatestBusiness

IMF approves $7 bn bailout package for Pakistan

Approval given at meeting of executive board chaired by its Managing Director Kristalina Georgieva.

By Staff Writer

WASHINGTON: The International Monetary Fund on Wednesday approved a bail-out package for Pakistan worth 7 billion dollars.

The approval was given at a meeting of the IMF executive board chaired by its Managing Director Kristalina Georgieva.

After the approval of the package by the IMF executive board, Pakistan is expected to receive the first tranche of the loan amounting to 1.1 billion dollars by September 30th, said sources in the Ministry of Finance in Islamabad.

The sources in the finance ministry also said that the second tranche of the loan was also expected during the current fiscal year which will end on June 30th 2025. The loan will be given to Pakistan at about 5pc interest rate.

Earlier, Prime Minister Shahbaz Sharif had said that the IMF had fixed very tough conditions for the grant of a loan which had been fulfilled. 

Staff Writer
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