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The International Monetary Fund has approved a much-awaited $3 billion bailout for Pakistan that likely will save the nation from defaulting on its debt repayments ISLAMABAD -- The International Monetary Fund on Wednesday approved a much -awaited $3 billion bailout for Pakistan, the global lender said, a move that's likely to save the nation from default ing on its debt repayments. The IMF said its executive board approved an agreement to release the funds over nine months to support Pakistan's economic stabilization program. The announcement comes less than two weeks after Pakistan and the IMF agreed to the plan following meetings with Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and other officials. "The arrangement comes at a challenging economic juncture for Pakistan. A difficult external environment, devastating floods, and policy missteps have led to large fiscal and external deficits, rising i NFL ation, and eroded reserve buffers" in the fisca...

President Joe Biden will address the nation Friday evening from the Oval Office on the budget deal that lifts the federal debt limit and averts a U.S. government default WASHINGTON -- President Joe Biden planned to praise the contentious, just-passed budget deal in a speech to the nation Friday evening , ready to sign the agreement averting the country's first-ever government default , which would have sent shock waves through the U.S. and global economies. The measure was approved late Thursday night after passing the House in yet another late session the night before. Biden is expected to sign it at the White House on Saturday. After days of default threats, the debt limit-budget agreement was worked out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their spending-cut demands but holding the line on major Democratic priorities. “No one got everything they wanted but the American people got what they needed,” Biden was to say, according to excerpts release...