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Pakistan Says IMF Approves $1.17 Billion Bailout to Avert Near-Term Default

  • IMF bailout to pave way for financing from Middle East nations
  • Dollar bonds due in December, stocks climb after IMF approval
Bloomberg business news
WATCH: Pakistan secured a bailout from the IMF to avert an imminent default as it deals with political turmoil and deadly flooding. Faseeh Mangi reports.Source: Bloomberg
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Pakistan secured a $1.1 billion loan from the International Monetary Fund to avert an imminent default as political turmoil and deadly flooding threaten the South Asian nation’s economy.

The country can withdraw 894 million of the IMF’s special drawing rights, equivalent to about $1.1 billion, the Washington-based lender said in a statement on its website Monday. The IMF also increased the nation’s bailout package to $6.5 billion.