Pakistan has reached a staff-level agreement with the International Monetary Fund (IMF) for a crucial bailout that could help stabilize its flailing economy and lift the South Asian nation out of a crisis that has pushed millions to the brink.

"I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion)," Nathan Porter, who led the IMF staff team, said in a statement Thursday.

The deal is subject to approval by the IMF's executive board, which is expected by mid-July, the statement added.

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