IMF approves $6b loan for Pakistan

WASHINGTON: The International Monetary Fund on Wednesday approved a $6 billion (Dh22 billion), three-year loan for Pakistan to try to right the nation’s economy.

The IMF board released $1 billion to Pakistan immediately and said in a statement that the programme aims to “support the authorities’ economic reform programme” and to help “reduce economic vulnerabilities and generate sustainable and balanced growth.”

The fund will review Pakistan’s performance quarterly over 39 months, phasing release of the additional aid over time.