The International Monetary Fund (IMF) board has given its approval for a $3bn bailout for Pakistan. The crisis-hit nation will get about $1.2bn upfront, with the rest due to be paid out over the next nine months. The South Asian nation was on the brink of defaulting on its debts. It had barely enough in foreign currencies to pay for a month of imports. This week, the country also received funds from its allies Saudi Arabia and the United Arab Emirates (UAE). Pakistan's Prime Minister Shehbaz Sharif said that the bailout was a major step forward in efforts to stabilise the economy.

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