IMF board approves $6 billion loan package for Pakistan

Alexey DRUZHININ / SPUTNIK / AFP

The International Monetary Fund (IMF) has approved $6 billion loan package for Pakistan to resuscitate the country's ailing economy.

Around $1 billion will be immediately disbursed with the remainder to be phased in over the three-year period of the programme, subject to quarterly review.

Despite IMF's tough conditions, Pakistan has accepted the package in a bid to rein in mounting debts and stave off a looming balance of payments crisis.

An additional $38 billion from Pakistan's international partners will also be unlocked over the programme period.

More from Business

Coming Up on Dubai Eye

  • The Business Breakfast Night Cap

    8:00pm - 9:00pm

    When business at breakfast just isn’t enough… we bring you an extra helping of broadcasting favourites, Malcolm Taylor, Brandy Scott and Richard Dean!

  • The Night Shift with Mark Lloyd

    9:00pm - 12:00am

    Musicians and music, entertainers and entertainment, industry gossip and songs selected by you, get ready to bring your night time to life!

On Dubai Eye

  • Tony Robbins Live in Dubai

    Najahi Events presents the highly anticipated Tony Robbins Event, Achieve the Unimaginable with Celebrity Guest Appearances, Live at the Coca Cola Arena, 3rd September.

  • Farmer's Kitchen

    Welcome to Farmer's Kitchen, the brand new show for foodies on Dubai Eye 103.8.

  • Brandy Scott Signs TV Deal!

    Brandy Scott's novel, 'Not Bad People' will be adpated for television. Watch her interview here.