WEB DESK
The Executive Board of the International Monetary Fund (IMF) on Wednesday approved a three-year bailout package worth $6 billion to Pakistan.
“IMF Executive Board approved today a three-year US$6 billion loan to support #Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living,” Gerry Rice, the IMF spokesperson, confirmed on Twitter.
The IMF and Pakistan’s government had earlier already signed a staff agreement on May 12 in this regard.
Earlier, it was reported that the final budget measures passed by the assembly, along with a report on compliance with all prior actions, would be the key elements in the IMF board’s decision to grant the request by Pakistan for a bailout facility.
The approved version of the budget and finance bill are expected to be transmitted to the fund. The Pakistani government in its budget proposals for the next financial year, on the other hand, has already added Rs357 billion loan from the IMF.
An IMF team is set to visit Islamabad every three months to review the country’s economic indicators. Pakistan has already fulfilled all of the IMF’s conditions before signing of the agreement, sources had said earlier.