The IMF agrees to a long-awaited bailout for Pakistan of $3 billion

News Snapshot:

ISLAMABAD (AP) — The International Monetary Fund agreed to provide $3 billion to Pakistan — a long-awaited relief to bail out the impoverished country's ailing economy. The nine-month agreement must be approved by the IMF’s Executive Board, which is expected to make a final decision in mid-July, a top IMF official, Nathan Porter, said in a statement late Thursday. Porter, the IMF’s mission chief to Islamabad, said Pakistan’s economy has faced several external shocks, such as the catastrophic floods in 2022 that killed 1,739 people, caused $30 billion in damage and impacted millions of Pakistanis. The country was also hit...