New Delhi, Oct. 16 -- Pakistan has reached a staff-level agreement with the International Monetary Fund (IMF) to issue the release of $1.2 billion from the bailout package the global agency approved last year.

The IMF in July 2024 had approved a $7 billion bailout package that was aimed to keep Pakistan from defaulting on its loan payments amid a weakening economy.

Pakistani media on Wednesday reported regarding the agreement that followed several days of talks in Islamabad. In an overnight statement, the IMF confirmed the development.

The IMF said Pakistan's economic program is helping entrench macroeconomic stability and rebuild market confidence.

Last week, an IMF mission led by Iva Petrova concluded talks with Pakistani authoritie...