The IMF approves a $7 billion loan for Pakistan, which will get $1 billion immediately
Pakistani officials say the executive board of the International Fund has approved a new $7 billion loan for the country
By AP News
Published - Sep 25, 2024, 10:31 PM ET
Last Updated - Dec 16, 2024, 06:54 PM EST
ISLAMABAD (AP) — The executive board of the International Monetary Fund has approved a new $7 billion loan for cash-strapped Pakistan, authorities said Wednesday, more than two months after the two sides said they had reached an agreement.
The loan — which Islamabad will receive in installments over 37 months — is aimed at boosting Pakistan's ailing economy, officials added.
Prime Minister Shehbaz Sharif in a statement hailed the deal that his team had been negotiating with the IMF since June. He thanked Kristalina Georgieva, the head of the IMF and her team, for the approval.
The global lender said its immediate disbursement will be about $1 billion.
