The International Monetary Fund (IMF) announced on Friday that it has reached a staff-level agreement with Pakistan to unlock a new $1.2 billion package as part of its support programs for the country.
The South Asian nation is one of the largest debtors to the IMF after Argentina and Ukraine.
The IMF in a statement praised the Pakistani authorities’ commitment to “pursuing sound and prudent macroeconomic policies to preserve the recent gains in macro-financial stabilization, while deepening structural reforms to accelerate growth and strengthening social protection to mitigate the impact of volatile energy prices on the most vulnerable.”
The disbursement is subject to approval by the IMF Executive Board, according to the fund’s statement.
The agreement, if approved, would give Pakistan access to $1 billion under the Extended Fund Facility and around $210 million under the Resilience and Sustainability Facility, it said.
