"The agreement is subject to approval by the IMF Management and the Executive Board," Finger stated. "Upon completion of this review, SDR 73 million (about US$102 million) will be made available to Pakistan."
The IMF said Pakistan's growth will likely reach 5 percent in 2016 and 2017 due to construction activity and investment upturn.
However, a complicated global economic environment and declining exports could undermine prospects of growth, according to the release.
In July, the IMF board completed a review of Pakistan’s economic performance and has approved disbursement of the next money tranche to the country amounting $501 million.
In 2013, the IMF approved about $6.64 billion aid package for Pakistan.