Pakistan Fin Min: IMF board agrees to extend country's programme by one year

The International Monetary Fund (IMF) board on Monday approved a request to extend Pakistan's bailout programme by one year and augment the funding amount by $1 billion, the country's finance minister Miftah Ismail told Reuters. Earlier he had said on Twitter that the lender had approved the seventh and eighth reviews of Pakistan's programme, which will release $1.17 billion in funds to the cash-strapped country.

The IMF's resident representative in Islamabad did not immediately respond to a request for comment.