In a significant development, the International Monetary Fund (IMF) Executive Board has approved a $7 billion bailout package for Pakistan during a meeting held in Washington.

The meeting was chaired by IMF Managing Director Kristalina Georgieva, with Pakistan’s agenda being a top priority.

Under the IMF’s Extended Fund Facility program, Pakistan will receive $7 billion over a span of 37 months. According to sources, the first tranche of $1.1 billion is expected to be disbursed to Pakistan by the end of this month.

Additionally, it is anticipated that the second tranche of the bailout package will also be released within the current fiscal year.

The IMF’s bailout package is expected to alleviate pressure on Pakistan’s external payments and will have positive repercussions for the country’s economy.