“The agreement is subject to approval by the IMF’s Executive Board,” the IMF said.

“The new program aims to support the authorities’ efforts to cement macroeconomic stability and create conditions for a stronger, more inclusive, and resilient growth,” it added.

“This includes steps to strengthen fiscal and monetary policy and reforms to broaden the tax base, improve State Owned Enterprises’ (SOE) management, strengthen competition, secure a level playing field for investment, enhance human capital, and scale up social protection through increased generosity and coverage in the Benazir Income Support Program (BISP),” it stated.

“Continued strong financial support from Pakistan’s development and bilateral partners will be critical for the program to achieve its objectives,” it pointed out.

Earlier, Minister of State for Finance, Revenue and Power Ali Pervaiz Malik said the Government of Pakistan has addressed all of the IMF’s requirements in its annual budget to clinch a staff-level agreement on a bailout package of more than $6 billion this month.

The South Asian country has set challenging revenue targets in its annual budget to help it win approval from the IMF for a loan to stave off another economic meltdown, even as domestic anger rises at new taxation measures.

"We hope to culminate this (IMF) process in the next three to four weeks," Minister of State for Finance, Revenue and Power Ali Pervaiz Malik said on Wednesday, with the aim of thrashing out a staff level agreement before the IMF board recess.

"I think it will be north of $6 billion," he said of the size of the package, though he added at this point the IMF’s validation was primary focus.