IMF approves $7bn bailout for Pak, tranche of $1.1 | English Motivation

IMF approves $7bn bailout for Pak, tranche of $1.1bn expected this month The first tranche of $ 1.1 billion is likely to be released by September 30, 2024 The International Monetary Fund's board (IMF) on Wednesday approved a $7 billion Extended Fund Facility (EFF) for cash-strapped Pakistan, providing a critical boost to the country's struggling economy. The development was announced by the Prime Minister's Office (PMO) while a statement is expected from the IMF. The PMO said the premier expressed his satisfaction with the programme's approval. "The implementation of economic reforms is going on rapidly, he said, adding that the government would continue to work hard to achieve goals related to economic development after achieving economic stability. The prime minister said the increase in business activities and investment in the country was welcome and a testament to the hard work of the economic team, Dawn newspaper reported. ©SHIRSENDU KARMAKAR #IMF