![\"IMF](\"https:\/\/c.ndtvimg.com\/2022-09\/66abjdp8_shehbaz-sharif-pakistan-pm-afp_625x300_21_September_22.jpg\"\/ "\\"IMF")
<\/div>\nIt added the arrangement comes at a challenging economic juncture for Pakistan.<\/p>\n<\/div>\n
Islamabad: <\/b><\/p>\n
The International Monetary Fund’s board approved a $3 billion bailout programme for Pakistan on Wednesday, the lender said, which will immediately disburse about $1.2 billion to help the South Asian country.<\/p>\n
Pakistan and the Fund reached a staff level agreement last month, securing much-needed funding for the cash-starved nation.<\/p>\n
The board’s approval was needed before disbursing the first tranche of money, with the rest to arrive later in instalments.<\/p>\n
“The Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program,” the IMF said in a statement.<\/p>\n
It added the arrangement comes at a challenging economic juncture for Pakistan. A difficult external environment, devastating floods and policy missteps have led to large fiscal and external deficits, rising inflation and eroded reserve buffers in FY23.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n<\/div>\n