The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of political chaos have scared off potential foreign investment.
Inflation has rocketed, the rupee has reached a record low against the dollar, and the country can no longer afford imports, causing a severe decline in industrial output.
"I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month standby arrangement in the amount of SDR 2,250 million (about $3 billion)," said IMF official Nathan Porter in a statement.
The deal will need to be approved by the IMF's executive board and will be considered by mid-July, Porter said.
The figure represents 111 percent of Pakistan's IMF quota.
Pakistan's negotiations with the IMF for the last tranche of a $6.5 billion bailout package agreed in 2019 stalled in November, with the government making last-minute changes to the national budget to meet the deal's requirements.
That package expires on Friday, and the new agreement builds on the IMF's efforts under the previous deal, Porter said.
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