On March 27, the International Monetary Fund announced that it had reached a staff-level agreement with Pakistan, a development expected to release $1.2 billion from a $7 billion bailout package. The agreement, which still requires IMF executive board approval, would provide Pakistan with $1 billion under the Extended Fund Facility and $210 million under the Resilience and Sustainability Facility, bringing total disbursements under the current program to $4.5 billion.

The announcement comes after discussions from Feb. 25 to March 11 on the third review of the $7 billion, 37-month Extended Fund Facility and the second review of the $1.4 billion, 28-month Resilience and Sustainability Facility.