IMF reaches staff-level agreement with Nepal for $52 million financing

The International Monetary Fund (IMF) has reached a staff-level agreement with Nepal to release $52 million out of a $375.8 million bailout package, the global lender said in a statement on Tuesday.

The funds to be released under the first and second reviews of an extended credit facility, subject to an approval from the IMF executive board, will take the total support to the Himalayan nation to $156.6 million, the IMF said.