IMF deposits much-awaited $1.2B with Pakistan’s central bank under bailout, finance 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. The latest development comes a day after the global lender’s executive board approved $3 billion for Pakistan to enable it to avoid defaulting on its debt repayments. On Thursday, Minister Ishaq Dar said the IMF would deposit the remaining $1.8 billion with the central bank over a period of nine months. The IMF 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.