Pakistan, IMF reach deal to release $1.1 bn

Islamabad, Pakistan – Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement for the release of $1.1bn from a $3bn bailout package the indebted country needed to avert a sovereign default.

“The IMF team has reached a staff-level agreement with the Pakistani authorities on the second and final review of Pakistan’s stabilisation program,” the IMF said in a statement on Wednesday.

The United States-based lender said the money will be disbursed after approval by the IMF’s executive board before the deal, agreed last year, expires on April 11.

– aljazeera.com