IMF says Pakistan set to receive $700 million after review success

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, addresses the media on the fourth day of the annual meeting of the IMF and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 12, 2023. REUTERS/Susana Vera/File Photo

ISLAMABAD (Reuters) -The IMF said on Wednesday it had reached a staff-level agreement with Pakistan on the first review of a $3 billion bailout, which will unlock $700 million in funding for the country.

Ahead of the bailout in July, Pakistan had to undertake a slew of measures demanded by the International Monetary Fund (IMF), including revising its budget, a hike in its policy rate, and increases in electricity and natural gas prices.