On 15 November, Pakistan reached an agreement with the International Monetary Fund (IMF) for the release of a $700 million tranche, part of a larger $3 billion bailout package agreed in July. This announcement constitutes a significant relief for the struggling economy, as Pakistan is facing a severe balance of payments crisis and dwindling foreign exchange reserves. The leader of the IMF team noted several causes for encouragement; he said that inflation is expected to decline over the coming months amid receding supply constraints and modest demand, together with aid from international partners, leading to improved economic confidence. However, he warned that Pakistan remains vulnerable to global risks like geopolitical tensions, commodity price fluctuations, and tightening global financial conditions. This agreement comes as Pakistan prepares for general elections in February 2024 and aims to stabilise its economy, which has been in free fall for years, leading to rampant inflation and widespread financial hardship.