Pakistan and IMF reach preliminary deal to release $1.1 billion from bailout fund, IMF says

Pakistan and the International Monetary Fund have reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following dayslong talks in Islamabad. Officials said 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. An IMF statement on Wednesday 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.