The International Monetary Fund (IMF) and Pakistani authorities reached initial agreement on March 20 for the release of some $1.1 billion from a $3 billion bailout package after negotiations in Islamabad, the IMF said in a statement. "The agreement recognizes the strong program implementation by the State Bank of Pakistan and the caretaker government in recent months, as well as the new government’s intentions for ongoing policy and reform efforts to move Pakistan from stabilization to a strong and sustainable recovery," the statement said. Pakistan signed the agreement with the IMF last year amid one of its worst economic crises.
