Pakistan and the International Monetary Fund have reached a staff-level agreement for the release of $1.2 billion from the bailout package approved last year. The $7 billion bailout approved by the IMF in July 2024 aimed to keep Pakistan from defaulting on its debt repayments. The development comes weeks after Pakistan urged the IMF to consider concessions in light of the recent devastating floods. The IMF said the floods highlight Pakistan’s vulnerability and the need to build climate resilience. The fund also expressed sympathy for those affected by the disaster.
