India, March 29 -- Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement (SLA) for the disbursement of approximately $1.2 billion under two separate arrangements.

The two sides successfully concluded the third review of the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF), the IMF said on Saturday.

The IMF mission held talks with Pakistani officials in Karachi and Islamabad from February 25 to March 2, but left without an agreement. The talks continued in virtual format, and an agreement was reached.

The fund confirmed the development through a statement, saying "IMF staff and the Pakistani authorities have reached a staff-level agreement on the ...