Pakistan on Thursday secured an initial deal with the International Monetary Fund for a 5.3-billion-dollar bailout package to avoid a looming default on previous loans, officials said. The two sides reached an agreement for a three-year arrangement after weeks of negotiations in the Pakistani capital Islamabad. Pakistan's finance minister, Ishaq Dar, said the money would be used to bolster depleting foreign exchange reserves, and revive a crippling economy devastated by violence and energy shortages. But, he added, a major part would be used to repay a loan that Pakistan's previous government had secured five years ago. The Pakistan Muslim League party of Prime Minister Nawaz Sharif, which came to power after winning May's parliamentary election, has promised to revive the economy and end crippling power cuts. The IMF deal came as Sharif travelled to China to seek more cooperation, especially in nuclear power generation.
