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The International Monetary Fund (IMF) on Wednesday approved $3 billion stand-by arrangement (SBA) for Pakistan, which was finalised last month.

The IMF’s executive board met and okayed the $3 billion for the cash-strapped Pakistan.

"The Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program," the IMF said in a statement.

Although Pakistan wasn’t originally among the subjects listed on the IMF’s website, the external financing issue has been resolved after Islamabad received $2bn deposit from Saudi Arabia and $1bn deposit from UAE.

With Pakistan managing to meet one of the key conditions, the finance ministry says the world’s top lender has now accepted the plan that covers the $8.2bn gap.

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