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IMF approves $6 billion bailout package for Pakistan

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Islamabad: The International Monetary Fund (IMF) has approved a three-year US$6 billion loan for Pakistan after months of talks with the South Asian country.

“IMF Executive Board approved today a three-year US$6 billion loan to support #Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living,” said IMF spokesperson Gerry Rice in a tweet.

Pakistan is faced with acute balance of payment crisis and the new government in Islamabad was holding talks with IMF for loan.

The negotiations wee started by former finance minister Asad Umar who was later asked to quit.

Dr Abdul Hafeez Sheikh was appointed as finance advisor to help government steer the government out of the economic crisis.

Pakistan rupee has also see an unprecedented decline against US dollar during the last few weeks.

Opposition parties criticized the government for its budget for the next fiscal year accusing it of bowing to IMF pressure.

PPP chairman Bilawal Bhutto Zardari dubbed the budget as PTIMF.