*ISLAMABAD – The International Monetary Fund approved on Wednesday a $6billion bailout package for Pakistan. It is a three-year loan programme. *
The IMF board released $1 billion to Pakistan immediately and said in astatement that the programme aims to “support the authorities’ economicreform program” and to help “reduce economic vulnerabilities and generatesustainable and balanced growth.”
The fund will review Pakistan’s performance quarterly over 39 months,phasing release of the additional aid over time. -APP/AFP
