Pakistan PM hopes for bailout approval from IMF board on July 12

Islamabad (Reuters) – Pakistan’s Prime Minister Shehbaz Sharif said on Wednesday he was hopeful that $3 billion short-term bailout from the International Monetary Fund would be approved by the multilateral lender’s board when it meets on July 12.

After eight months of negotiations, both the sides signed a staff-level agreement on Friday for the bailout, to avert a imminent default on sovereign debt.

Finance Minister Ishaq Dar has said Pakistan stands to receive a first installment of $1.1 billion, but the IMF board’s approval of the agreement is needed before funds can be disbursed.

“The agreement will go through, God willing,” Sharif said during a ceremony in Islamabad.