IMF approves $3 billion short-term loan for Pakistan

The State Bank of Pakistan
Photo: SBP/Abbas Ali Khan

The International Monetary Fund’s executive board approved a $3 billion, nine-month loan for Pakistan on July 12 after prolonged negotiations, and immediately received $1.2 billion.

Ahead of the IMF decision, Saudi Arabian authorities provided $2 billion to the Pakistani central bank. finance minister Ishaq Dar announced on July 11. The next day, the United Arab Emirates provided a further $1 billion, Dar said.

The central bank’s reserves rose modestly before the IMF’s decision, from a low of

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