ISLAMABAD: The International Monetary Fund (IMF) Executive Board on Wednesday approved a three-year bailout of package worth $ 6 billion for Pakistan.

The package was approved to support the economic plan of Pakistan which aims to return the sustainable growth to the economy.

"IMF Executive Board approved today a three-year US$6 billion loan to support #Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living," Gerry Rice, the IMF spokesperson, confirmed on Twitter.

IMF Executive Board approved today a three-year US$6 billion loan to support #Pakistan’s economic plan, which aims to return sustainable growth to the country’s economy and improve the standards of living. pic.twitter.com/HCAMr1KWfK

— Gerry Rice (@IMFSpokesperson) July 3, 2019

Pakistan will receive $2 billion annually. The first installment of the three-year programme, worth $500 million, is expected to be transferred to Pakistan in July.