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IMF board approves $6 billion loan package for Pakistan

Thursday, 4 July 2019 09:28

Alexey DRUZHININ / SPUTNIK / AFP

The International Monetary Fund (IMF) has approved $6 billion loan package for Pakistan to resuscitate the country's ailing economy.

Around $1 billion will be immediately disbursed with the remainder to be phased in over the three-year period of the programme, subject to quarterly review.

Despite IMF's tough conditions, Pakistan has accepted the package in a bid to rein in mounting debts and stave off a looming balance of payments crisis.

An additional $38 billion from Pakistan's international partners will also be unlocked over the programme period.

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