IMF approves three billion dollar bailout for Pakistan

The International Monetary Fund's (IMF) board has given its approval for a three billion-dollar bailout for Pakistan. Pakistan will get about 1.2 billion dollars upfront, with the rest due to be paid out over the next nine months.

 

According to media reports, Pakistan also received funds from Saudi Arabia and the United Arab Emirates (UAE) this week.

 

The IMF deal came after



eight months of tough negotiations over how to deal with serious long-term issues with Pakistan's ailing economy.

 

The country had been on the brink of being unable to meet debt repayments to creditors. Local media reported that the cost of living has been soaring in Pakistan. The official annual rate of inflation currently stands at almost 30 percent.