Pakistan and IMF reach preliminary deal for releasing $700 million from $3B bailout fund

ISLAMABAD (AP) — Officials say Pakistan and the International Monetary Fund have reached a preliminary agreement on releasing $700 million from a $3 billion bailout fund approved in July. The standby credit set up by the IMF is meant to save cash-strapped Pakistan from default. Pakistan’s government is hailing Wednesday’s agreement. In a statement, the IMF says the two sides reached the staff-level agreement following talks in Islamabad. The deal still must be approval by the IMF’s management and its executive board, though such approvals are generally a formality.