Islamabad, Jul 1 (IANS): Pakistani Prime Minister Shehbaz Sharif has said that his government's stand-by agreement with the IMF for $3 billion will help in bringing economic stability and growth to the country.

Addressing a press conference in the eastern city of Lahore, the Prime Minister on Friday added that the IMF executive board is scheduled to meet in mid-July to accord formal approval, which has already been achieved at the staff level.

Earlier on Thursday, the IMF announced the staff-level agreement on policies to be supported by a stand-by arrangement, adding that it will support the authorities' immediate efforts to stabilise the economy from recent external shocks, preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.

Sharif said the agreement with the IMF was inevitable for the country and that his government is committed to completing this programme while making efforts to achieve self-sufficiency in the future, Xinhua news agency reported.

He added that his government is leading dedicated efforts by all the state institutions to execute an economic revival plan to stabilise the economy by enhancing investment in agriculture, mining and information technology, and by increasing exports.

On the occasion, the country's Finance Minister Ishaq Dar said Pakistan will receive $1 billion soon after the approval by the IMF executive board in mid-July.