Pakistan clinches $3B IMF bailout, avoiding default

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Asia Pacific

Pakistan clinches $3B IMF bailout, avoiding default

In Pakistan, the government has clinched a $3 billion bailout with the International Monetary Fund, averting a potential default. The deal was approved just hours before the current funding arrangement with the IMF was due to expire. But the latest rescue package comes with strings, including the hiking of fuel and energy prices, as well as higher borrowing costs. But with inflation in Pakistan already approaching 40%, there are fears the IMF's required reforms may drive prices even higher. Rupert Stone reports.