ISLAMABAD

The International Monetary Fund (IMF) on Wednesday said it reached a staff-level agreement with Pakistan on the final review of a $3 billion bailout package.

The announcement came after the IMF team’s week-long visit to Islamabad concluded on Tuesday.

When approved by the IMF executive board, Islamabad will have access to around $1.1 billion, Nathan Porter, IMF team leader, said in a statement.

The global lender praised Pakistan's central bank and outgoing caretaker government for "strong program implementation" and hoped the new government would continue its efforts for the stabilization of its economy.

“Pakistan’s economic and financial position has improved in the months since the first review, with growth and confidence continuing to recover on the back of prudent policy management and the resumption of inflows from multilateral and bilateral partners," Porter said.

The IMF official added that the new government is committed to continuing the policy efforts that started under the current Stand-By Arrangement to entrench economic and financial stability for the remainder of this year.

Last June, the IMF approved a crucial nine-month arrangement with Pakistan to aid its economic stabilization program.

The ongoing IMF program is set to conclude in the second week of April as Pakistan's foreign reserves have risen to over $13 billion.