IMF approves final tranche of $3 billion Pakistan bailout fund

Deal releases $1.1 billion, preventing a potential debt default on Pakistan's debt repayments amidst economic crises.Pakistan wants to seek a new bailout of up to $8 billion when the current one expires this month/ Photo: AP

Under the deal, Pakistan will receive the final tranche from the bailout approved by the IMF in July to prevent default on its debt repayments. The announcement came after talks between the IMF and the new government of Prime Minister Shehbaz Sharif concluded in Islamabad. Pakistan’s Finance Minister Muhammad Aurangzeb and the IMF's mission chief to Pakistan, Nathan Porter, led their teams during the talks, which began on Thursday last week.

in parliament. Sharif was again elected the country’s premier this month following the Feb. 8 parliamentary elections.In its statement on Wednesday, the IMF said"Pakistan’s economic and financial position has improved" in recent months.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pakistan and IMF reach preliminary deal to release $1.1 billion from bailout fund, IMF saysPakistan and the International Monetary Fund have reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following dayslong talks in Islamabad. Officials said Pakistan will receive the final tranche from the bailout that was approved by the IMF in July to save the nation from defaulting on its debt repayments.
Source: AP - 🏆 728. / 51 Read more »