Demonstrators took to the streets in major cities over the past year to protest soaring food, fuel and rent prices, but conditions have recently improved. (EPA Images pic)

WASHINGTON: International Monetary Fund has reached a staff-level agreement with Pakistani authorities, the organization said Wednesday, a step forward in securing a multi-billion dollar bailout deal with the global lender.

The agreement, which would give Pakistan access to about US$1.2 billion, still requires approval from the IMF Executive Board.

IMF negotiator Iva Petrova said Pakistani officials "have successfully navigated the impact of the Middle East conflict, and strong policies have helped preserve macroeconomic stability."