Pakistan Secures $3bn IMF Bailout Amidst Crisis

Pakistan has reached a staff-level agreement with the IMF for a $3 billion bailout package to address its worst economic crisis since independence. The deal, subject to approval by the IMF's board, comes after an eight-month delay and follows the country's central bank raising its main interest rate to a record high of 22%. Pakistan's struggling economy has been further impacted by global energy crisis and devastating floods. The funding, spread over nine months, is higher than expected and aims to provide economic breathing room, but long-term recovery will require sustained fiscal discipline.