ISLAMABAD – Pakistan and the International Monetary Fund reached a preliminary agreement for the release of dlrs 1.1 billion from a dlrs 3 billion bailout following dayslong talks in Islamabad, the IMF said Wednesday.
Under the deal, Pakistan will receive the final tranche from the bailout that was approved by the IMF in July to save the nation from defaulting on its debt repayments, ABC News reported.
An IMF statement said it “has reached a staff-level agreement with the Pakistani authorities” and noted that approval by the IMF’s executive board “is considered a formality.”
The announcement came after talks between the IMF and the new government of Prime Minister Shehbaz Sharif concluded in Islamabad. Pakistan’s Finance Minister Muhammad Aurangzeb and the IMF’s mission chief to Pakistan, Nathan Porter, led their teams during the talks, which began on Thursday last week.
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