The International Monetary Fund said Thursday it had reached a preliminary agreement with Pakistan to revive a $6 billion bailout package for this impoverished Islamic nation, which has been facing a serious economic crisis since last year.
Pakistan and the IMF originally signed the accord in 2019. But the release of a slightly over $1 billion tranche had been on hold since earlier this year. That's when the IMF expressed concern about Pakistan’s compliance with the conditions of the bailout under former Prime Minister Imran Khan. The parliament ousted him through a no-confidence vote in April.
