Pakistan Secures Final IMF Approval for $3 Billion Bailout
- Deal spurs billions of dollar inflows from creditor nations
- About $25 billion of debt due starting in July, Moody’s says
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Pakistan won final approval to borrow $3 billion from the International Monetary Fund, unlocking long-awaited lending that will help ease the nation’s dire need for cash and rescue its economy.
The IMF executive board on Wednesday approved a nine-month stand-by arrangement to support the country’s economic stabilization program, the Washington-based institution said in a statement. The move allows for an immediate disbursement of about $1.2 billion.