IMF bailout proved important to save Pakistan from default, PM Sharif says

The disbursement of $1.1 billion by the International Monetary Fund (IMF) will bring increased economic stability to Pakistan, Prime Minister Shehbaz Sharif said on Tuesday, hours after the global lender's executive board approved the funding.

The funding was the second and final tranche of Pakistan's $3 billion standby arrangement with the IMF which it secured last summer.

The bailout from the IMF proved important to save the country from default, the country's state broadcaster quoted Sharif as saying.