Pakistan to get $6 billion IMF bailout

Pakistan is set to secure around $6 billion over the next three years in a bailout from the International Monetary Fund (IMF).

It's the 13th bailout since the late 1980s that the country has received from the IMF.

"Pakistan is facing a challenging economic environment, with lackluster growth, elevated inflation, high indebtedness, and a weak external position," IMF representative Ernesto Ramirez Rigo said.

The funding still needs approval from the IMF's management.