IMF board approves $3b Pakistan deal
The International Monetary Fund (IMF) said Wednesday that it has approved a $3 billion loan agreement for Pakistan, unlocking crucial funding for the troubled South Asian economy.
In a statement, the IMF said its executive board gave the green light to the nine-month standby arrangement, in order "to support the authorities' economic stabilisation programme."
This follows a staff-level agreement between the fund and Pakistan announced last month, and the latest approval allows an immediate disbursement of around $1.2 billion.
Pakistan has suffered from a balance-of-payments crisis as it attempts to service crippling external debt amid a fraught political environment -- following the removal of the country's former prime minister Imran Khan.
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