Pakistan secures $7 billion in new bailout package from IMF

By Riyaz ul Khaliq

ISTANBUL (AA) - Pakistan secured a new $7 billion bailout package from the International Monetary Fund (IMF), according to a statement Wednesday from the prime minister’s office in Islamabad.

It is Pakistan’s 25th IMF program and the new package will expand over the next 37 months.

The announcement under the Extended Fund Facility (EFF) came during Prime Minister Shahbaz Sharif’s trip to New York where he was scheduled to meet IMF chief Kristalina Gerogieva.

Pakistan will immediately receive a trance of $1.1 billion from the international lender, which had provided it with a $3 billion bailout in the last package.

Sharif thanked Saudi Arabia, the United Arab Emirates and China for helping to secure the deal.