IMF approves much-awaited $3 billion bailout for Pakistan, saving it from defaulting on debt

The International Monetary Fund has approved a much-awaited $3 billion bailout for Pakistan, the global lender said, a move that’s likely to save the impoverished Islamic nation from defaulting on its debt repayments. The IMF said its executive board approved an agreement to release the funds over a nine-month period to support Pakistan’s economic stabilization program. The announcement comes less than two weeks after Pakistan and the IMF agreed to the nine-month plan following a series of meetings with Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and other officials.