IMF deposits much-awaited $1.2 billion with Pakistan’s central bank under bailout, minister says

By MUNIR AHMED
Associated Press

ISLAMABAD (AP) — Pakistan’s finance minister says the International Monetary Fund has deposited the much-awaited first installment of $1.2 billion with the country’s central bank under a new bailout deal. The financial infusion — part of a $3 billion new deal — comes ahead of parliamentary elections due later this year. Prime Minister Shehbaz Sharif welcomed the development in a live address to the nation on Thursday. The day before, the IMF’s executive board approved $3 billion for Pakistan to enable it to avoid defaulting on its debt repayments. The bailout had been on hold since December because of the country’s lack of compliance with a 2019 agreement, signed between the IMF and former Prime Minister Imran Khan.