International Monetary Fund has reached staff-level agreement with Pakistan on a three billion stand-by arrangement.

According to a press release issued by IMF, the staff-level agreement is subject to approval by the IMF Executive Board, with its consideration expected by mid-July.

The new SBA will support the authorities' immediate efforts to stabilize the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.