Pakistan, IMF agree to $5.3 billion bailout

ISLAMABAD (AP) — Pakistan and the International Monetary Fund have

reached an initial agreement on a bailout of at least $5.3 billion.



Pakistani Finance Minister Muhammad Ishaq Dar and IMF mission chief

Jeffrey Franks announced the agreement at a press conference Thursday.



The deal has been approved by the Pakistani government and IMF

staffers in the country. It still needs to be approved by IMF

officials in Washington and the institution's board of directors.



The $5.3 billion loan will be disbursed over a three year period and

will have an interest rate of roughly 3%.



It will be repaid over 10 years after an initial grace period of four years.