Pak secures $1.2bn loan from IMF as part of reforms prog

Pakistan on Tuesday welcomed the release of a further $1.2 billion in loans from the International Monetary Fund (IMF) to help its economic recovery and reforms programme, calling it evidence of “hard work” undertaken after two years of financial crisis.

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The IMF approved the funds at a Washington meeting on Monday, bringing the total amount provided under two loan facilities — a bailout fund and a climate sustainability fund — to $3.3 billion.