Flood-Hit Pakistan Saved From Default as IMF Approves Revival of Bailout Funds

A displaced man carries relief food box in a flood hit area following heavy monsoon rains in Dera Ghazi Khan district of Punjab province on Aug. 29, 2022. Shahid Saeed Mirza/AFP via Getty Images

The International Monetary Fund (IMF) board on Monday approved the revival of a bailout loan program for Pakistan, whose economy has been worsened by monsoon floods.

The IMF’s approval will allow an immediate disbursement of $1.1 billion to Pakistan.